Accounting Standards Best Practices for Payroll

Overview

Paying an employee is not simply multiplying the hourly rate by the number of hours worked to get the gross wages and deducting the taxes from that. Processing a paycheck correctly is infinitely more complicated. Accurate decisions must be made to determine the final outcome of the wages owed. These decisions involve the application of a complex set of wage and hour laws and tax regulations. Misunderstanding the meaning of the term "regular rate of pay", violating the "salary basis rule" or failure to withhold taxes properly for a multistate employee are just a few of the areas where even one wrong decision can result in grave consequences for the employer. For that error will be costly in terms of penalties, fines, and interest. But these complex wage and hour or tax laws do not even scratch the surface of what payroll must comply with to properly process a paycheck. Other laws and agencies must be satisfied as well. One of the most challenging of these laws involves deducting for garnishments. Whether it is for child support, tax levies or to repay a creditor loan, garnishments must be handled properly. Deducting too little and the employer face fines from the one issuing the garnishment. Take out too much and the employee will have reason to sue. It is a fine line to walk indeed.

Why should you attend this webinar?

Education is power! There are not many other industries, that this concept could not be truer. Some of the processes such as determining gross pay are regulated by either the federal Department of Labor (DOL) or the state's equivalent depending on which one favors the employee, while others such as when an employee must be paid are governed strictly on the state level. While still other processes such as determining taxable gross wages are controlled by the Internal Revenue Service (IRS). The employer is responsible for determining the correct regulation to follow for each process and ensure the proper accounting standards are in place. Reporting and depositing payroll taxes to the appropriate agency in an accurate and timely manner is vital to your company. Late or inaccurate deposits may result in penalties and interest charges. These complex payroll tax requirements may seem intimidating but by learning a few simple concepts, you will gain an understanding of the best practices accounting standards for the payment process.

Areas Covered in the Session:
 

• Understand how to calculate overtime correctly under the Fair Labor Standards Act.

• Know when you can and cannot deduct from an exempt employee's salary.

• Be able to determine the proper state income tax to withhold when an employee lives and works in two or more states and which state gets the unemployment insurance.

• Understand what are the rules and regulations governing the withholding for child support, federal and state tax levies, creditor garnishments, voluntary wage assignments, and bankruptcies.

• Learn how to handle overpayments under both wage and hour law as well as IRS regulations and what to do if the overpayment and the repayment occur in separate tax calendar years.

• Learn the tax ramifications of third-party sick pay and how whether the insurance company is the employer?s agent or not the employer's agent affects the taxation and reporting of the wages.

• Understand what is considered abandoned wages and how to track, remit and report them properly to the correct state agency.

• Comprehend the basic taxation and calculations concerning the personal use of company property including cars, airplanes, cell phones, tablets, and housing.

• Have a basic understanding of when meals and lodging provided by the employer are taxable wages to the employee and when they are not.

• Be able to determine when an auto allowance paid to an employee is taxable income.

• Understand the basic tax rules concerning items paid out of accounts payable such as prizes, awards, bonuses, educational assistance payments, and relocation benefits as well as the definition of de minimis.

Who can Benefit:
 

• Payroll professionals

• Human resources professionals

• Accounting professionals

• Finance professionals

• Business owners

• Legal professionals

• Anyone responsible for the compliance issues of a payroll department

Speaker Profile

Craig Taggart is Keynote speaker at ComplianceKey. He has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients.

Register: https://www.compliancekey.us/webinarDetails?industryId=3&webinarid=1384&speakerid=112

Contact Info:

Compliance Key

Email: [email protected]
Visit: https://www.compliancekey.us/upcoming-seminars
Phone: 717-208-8666