Legislation is changing rapidly with regards to employers being required to provide employees with accrued sick time. It began with city legislation, moved to states such as California, and now requires federal contractors to offer "sick pay".
This webinar will get you up to date on current and pending legislation regarding mandated sick pay requirements, as well as help you to better understand the tax withholding and reporting for third party sick pay requirements.
Additionally, you will learn details about states with disability funds - and how the tax is handled and claims are worked with regard to your third party provider.
Top FAQs
Form 941 is used to report income taxes, Social Security tax, and Medicare taxes withheld from employee's paychecks.
You report bonuses as wages and as social security and Medicare wages on Forms W-2 and 941
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.
You report Medicare taxes on Form W2
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.
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.
Yes. In many cases, state laws conflict with federal laws, so be sure to check both!
You report Social Security info on W-2, W-3, and 941
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.
Yes.
Completing forms accurately, knowing when and where to file, and doing so on a timely basis.
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
The Form W2 reports an employee's annual wages and the taxes withheld.
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!
