Paying your employees final paycheck is more confusing than it seems. Although Federal law has broad regulations you have to comply with, States have the most rules, and they differ widely. Failure to accurately and completely pay what your worker is due can be tricky. Further, you may have to pay them the minute you terminate them.
It is not just as simple as paying final wages. Employees who earn PTO such as vacation, sick leave and other payments need to have those calculated and taxed properly. When it is due is dependent on whether they reigned or were terminated. State law determined when all those payments are due, and how they are taxed. We will go over these rules for each state. We will also review tax guidelines for each.
You also have to consider what to do with other benefits your employee was receiving when they worked for you. Health insurance is subject to COBRA rules upon dismissal. Retirement and workers compensation must be paid or forwarded to new accounts. Learn about the requirements for these and others.
Finally, we will go over the penalties you face for non-compliance. Terminating employees is an anxious time for workers and employers alike. We will discuss the penalties state by state for not paying your ex-workers when due. The Dept of Labor in your state can be easily accessed by these workers. The DOL will certainly contact you if you are out of compliance. The fines aren’t just monetary – there are criminal penalties as well.
So join Mark Schwartz for this informative webinar on termination pay.
Learning Objectives:-
In this webinar we will discuss:
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Any Organization, Institution or Group User can register
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Mark Schwartz in an employment tax specialist with over 25 years of payroll tax experience. He has been an employment tax auditor with the state of California. During that time he managed an audit caseload of over 25 businesses – ranging from home-based businesses to large multinational corporations. He understands the full range of employment tax law for both federal and state purposes.
For the last 15 years, Mark has helped hundreds of clients sort out confusing details in order to effectively run payroll operations. Mark prides himself on listening attentively to his clients, and not ceasing his consulting duties until the client is fully satisfied with the answers and advice.
Mark’s audio conferences are jam-packed with all details applicable to any given topic. He incorporates his experience with the laws and regulations – this gives audiences a leg up on applying the knowledge to their business. Furthermore, Mark is generous with this time for anyone who attends a live conference. He will help research anything on the given topic – free of charge.
