Course Description
After calculating gross wages for
an employee is accomplished, much more difficult decisions have to be made.
What must an employer deduct from
an employee’s wages?
What can be deducted legally?
What can never be deducted?
These questions and more must be
answered correctly before processing that paycheck. And if this is the
employee’s final check…the rules may change!
Of course, everyone knows that payroll deducts federal and state taxes. However,
how much input does the employee have concerning these deductions? Which taxes
are mandatory, which are a courtesy and which one the employee control will be
explained during this CPE webinar? If the IRS or the state wants payroll to collect for back taxes; how is that
processed? What does payroll do if a “payday loan” deduction is received as
opposed to a creditor garnishment? Which ones must we honor and why? We will
discuss this during this CE webinar.
Major
topics covered in this CPE/CE Tax course:
- Taxes—which are mandatory, which are a courtesy, and which ones the employee controls
- Child support—the limits but not beyond
- Tax levies—federal and state
- Creditor garnishments—how many can you honor and how often
- Voluntary wage assignments for payday loans—when are they required to be honored
- Handling fringe benefits such as health insurance or group term life
- Uniforms—when the employer pays for it and when the employee furnishes it
- Meals—when they become part of the employee’s wages
- Lodging—when it is part of the employee’s wages and when is it a perk
- Shortages—the employee came up short so they have to cover that right?
- Breakage—you broke it so you have to pay for it, legal or not
- Overpayments—the employee was overpaid so you can just take the money back, or can you?
- Advanced vacation pays—the employee knows the vacation hours were advanced so we can take them back when the employee quits, can’t we?
- Loans to employees: what terms can be set while the employee is still active and what can be taken when the employee terminates
- Employee purchases—active employees and terminated employees
- Anti-wage theft laws and the states
Handling deductions is a complex
task that payroll must get right every time for every payroll check. Failure to
deduct the proper amount of taxes could result in penalties on the employer
from the IRS, but making an illegal deduction for a fringe benefit or for
collecting an overpayment can get the employer a visit from the federal
Department of Labor auditor, the state Department of Labor auditor or both!
In this CPE/CE PDC/RCH course, we will
discuss these topics and much more as we learn what you can and cannot deduct
from an employee’s paycheck.
Click here to view more webinars: PDC/RCH course | Tax Course
Learning Objectives
- To explore which taxes are mandatory, which are a courtesy, and which one the employee controls
- To recognize when federal and state wage and hour laws permit recouping overpayments to employees
- To discover the limits that govern deducting for child support, tax levies, and creditor garnishments as opposed to voluntary wage assignments
- To identify the rules and regulations for deducting for cash shortages and breakages
Recommended For
- This CPE course is good for CPAs, CIAs, CMAs, Accounting Personnel, Business Owners/Executive Officers/Operations, and Departmental Managers, Attorneys/Legal Professionals dealing with the complexities and requirements of Payroll Compliance.
- This CPE webinar will be beneficial for Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
- Human Resources Executives/Managers/Administrators
- This IRS-Approved CE course is recommended for Eas, AFSPs, Tax Attorneys, and Other Tax Professionals advising clients over payroll tax-related matters.
Who Should Attend?
- Certified Management Accountant (CMA)
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Enrolled Agent
- Human Resources Manager
- Maryland Tax Preparers
- Oregon Tax Preparers
- Tax Professionals
- Tax Pros
- Young CPA
