Did you know that as a Payroll manager/practitioner you have the primary responsibility over the largest expense category (or at the least the 2nd largest) in your entire company? You control more cash than any other person and your actions can either SAVE or COST the company millions of dollars in fines, penalties and lawsuits. Let's make sure you are doing it right!
The easy-to-follow, step-by-step presentations, discussions, and resources will walk you through each major payroll issue, from exempt/non-exempt status to taxes and benefits, providing useful information for everyday HR Payroll activities.
At the end of this workshop participants will be able to:
- Apply the appropriate Wage and Hour laws and regulations to processing their payroll
- Understand and apply the correct taxation rules to compensation and benefits
- Create best practices for their own organization
This is a four-part series taking place on August 7, 14, 21, and 28 from 1 - 4 p.m. each day .
When hiring a new employee there are basic forms you must use and rules and laws that must be followed. Week one will introduce you to the different types of employees, which forms you are required to use by law, how to know if someone is legal to work in the US as well as beginning our discussions on the Fair Labor Standards Act.
- Differentiate between Independent Contractors and Employees
- Create a list of all new hire information that is required by law
- Identify and access state specific information via the internet
The Fair Labor Standards Act dictates much of what we can and cannot do in payroll. Wage and hour rules including overtime can be complicated. Week Two will cover the basics of the FLSA and how it impacts your organization.
- Correctly calculate wages and overtime
- Classify employees as Exempt or Non-exempt
- Differentiate between Federal Law and State Law, and apply appropriate one by identifying and accessing various websites
The Internal Revenue Service (IRS) dictates whether the forms of compensation we give our employees are taxable or not. From your relocation policy, to providing company cars, from prizes and awards to gift certificates, the IRS has their hands in the employee’s pockets and the employers!
- Properly calculate taxes on fringe benefits by accessing the IRS publications
- Identify qualified vs non-qualified plans and benefits
- Calculate imputed income on certain benefits
Payroll’s job is to correctly pay the employees of the organization, but at times we need to make legal deductions as well. Child Support Orders, IRS levies and creditor garnishments are part of those required deductions. Learn about each type of garnishment and what happens when you receive multiple garnishments. Week four also wraps up with some common payroll violations and how to self-audit before the IRS or DOL comes knocking on your door.
- Become familiar with the Consumer Protection Act and how it applies to wage garnishment orders and their priorities
- Correctly calculate deductions and identify the maximum deductions allowed by law
- Create a self-audit check list for your payroll