Payroll Year End: Legislative & Tax Changes

Webinar: ID# 1040158

Recorded On-Demand

Qty: On-Demand ($249.00)

For instance: Does your state comply with all federal regulations? Do they set their own rules? Where do they differ? Do you have access to a resource that reports changes to employment taxation to insure that you are in compliance with any year end legislation?

During this interactive training session, we will address:

• The legislative changes to employment taxation for the current year at both the federal and state level
• The resources available to payroll professionals to insure that they are kept abreast of any changes to payroll taxation as they occur
• Recent statistics on the status of the unemployment insurance funds by state
• The recent trends in state unemployment insurance, the solvency of the funds, and how FUTA will be affected in coming years

...and as always, this session will be interactive, so we'll be able to answer your questions on this topic throughout the presentation!

Top FAQs

Can payroll records be kept and submitted electronically?

Yes.

On what form(s) do we report employee Medicare taxes?

You report Medicare taxes on Form W2

On what form(s) do we report wages?

You report bonuses as wages and as social security and Medicare wages on Forms W-2 and 941

What are some options for collecting time and attendance?

Time clocks, time sheets, and electronic methods are a couple ways to track hours worked.

What are the key components of payroll recordkeeping?

Federal and state governments impose a variety or rules, regulations, and reporting requirements, so the hardest parts of payroll recordkeeping is knowing all of the rules, then complying - on a timely basis - with them!

What is the Form 941?

Form 941 is used to report income taxes, Social Security tax, and Medicare taxes withheld from employee's paychecks.

Why Get Payroll Training From TrainingCenter?

In business since the mid-1990's, we have over 25 years of experience delivering high-quality training content via seminar, webinar, online, and other formats. Each of our courses are delivered by an industry expert who will share his or her years of experience to help you be in compliance, smarter, and more productive, and almost all offer SHRM and HRCI credits.

What Are The Primary Payroll Areas?

In addition to ensuring that employees are paid correctly and on time, "Payroll" has numerous time and reporting requirements. The primary payroll areas include paychecks, reporting, operations, and management.

What are some key payroll reporting requirements?

Completing forms accurately, knowing when and where to file, and doing so on a timely basis.

I Handle Payroll For Some Of My Companies. What Are Some Of The Things I Need To Do Or Be Aware Of?

Payroll Administrators must be able to:

• Properly "classify" workers
• Apply the various exemptions
• Calculate gross pay and properly make deductions
• Correctly identify, pay, and withhold taxes for employees
• Administer deferred compensation, cafeteria plan, sick pay, and other compensation
• Handle stock options, expense reimbursements, relocation, and other "expenses"
• Follow the proper policies, procedures, and documentation requirements for garnishments and levies
• Properly complete and file all required reporting requirements
• Correctly complete year-end requirements and establish year-beginning requirements
• Implement and maintain fraud, audit, disaster recovery, and record retention processes and procedures

What is the Form W2?

The Form W2 reports an employee's annual wages and the taxes withheld.

What are the key functions of operating a payroll department?

Maintaining accurate payroll records, such as hours worked, pay, and tips and tax amounts, obeying federal and state rules, and submitting required reports on a timely basis.

On what form(s) do we report employee Social Security wages?

You report Social Security info on W-2, W-3, and 941

What Are Some Of The Requirements For Handling Payroll?

Payroll is much more than just handing out paychecks, and includes a variety of responsibilities such as handling garnishments, travel pay, multi-state taxation, unclaimed paychecks, and much more in a timely and accurate fashion.

Is Payroll State Specific?

While many payroll-related regulations are federally-governed, there also are many state requirements, including those for handling garnishment, final paychecks, and unclaimed paychecks. Each state's requirements differ in the details, so be sure to check your state's requirements by clicking the applicable link(s) at the bottom of this page.

Are there record retention requirements that my company must adhere to?

Yes. In many cases, state laws conflict with federal laws, so be sure to check both!