About This Course:
The IRS has made recent updates to the federal Form 940 as well as changes to payroll unemployment taxes.
And though for years the only changes we payroll professionals had to worry about was normal rate changes for state unemployment each year, these changes - and the financial positions of states regarding unemployment benefits - now make audits and compliance a riskier proposition.
But don't fret! This training session reviews the necessary updates, how payroll professionals are affected, and how to stay in compliance.
What You'll Learn:- Understanding who and what earnings are subject to unemployment taxes
- A review of FUTA tax rate and tax depositing
- Discuss Form 940 changes and common mistakes made
- How FUTA &SUTA interact - and why it is important to understand
- Discussion on the status of the state unemployment system and how it will affect your job in the coming years
- Details of the FUTA Credit Reductions
- What is the SIDES program and what its impact will be
- How to reduce and maintain your SUI rates
Top FAQs
There are several major and many minor requirements, some federal and some state specific.
Absolutely!
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.
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.
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.
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
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.
Continuing Education Credits:
Click the 'Credits' tab above for information on PHR/SPHR, PDCs, and other CE credits offered by taking this course.
