On Demand Webinar
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Christine Stolpe
- Topic: Taxation and Accounting, Human Resources, Payroll
- Credit: CPE 2.0, HRCI 1.5, SHRM 1.5, RCH 1.5, ATAHR 1.5, ATAPR 1.5
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When an employee leaves the organization, whether on their own accord or not, there are many factors that determine the amount, the timing, and the taxability of the individual's final payment. In this webinar, we will discuss the different types of final payment situations from involuntary terminations to end-of-life, as well as offer helpful tools and tips for ensuring Best Practices are being followed within the organization.
Key Learning Objectives:
- Definition of Final Payment
- Types of Final Payments
- Requirements by State
- Identifying and resolving risks
- Best practices review
- Introduction
- Christine Stolpe 00:01:56
- The Agenda 00:03:16
- Introduction 00:04:17
- Final Pay Calculations 00:05:21
- Components 00:07:39
- Wage Types 00:09:42
- Partial Wages 00:19:20
- May 00:24:25
- Compliance with Federal and State Laws 00:33:52
- Fair Labor Standards Act 00:38:37
- State Regulations 00:50:52
- Handling Accrued Benefits 01:01:45
- Tracking Accruals 01:04:36
- Notice Requirements 01:08:14
- WARN Act 01:09:42
- Mini-WARN Laws 01:12:07
- Payment Requirements 01:16:34
- State Specific Timelines 01:18:16
- State Regulations - Involuntary Terminations - Next Payday 01:20:41
- State Regulations - Involuntary Terminations - Next Payday Cont’d 01:22:09
- State Regulations - Others 01:25:34
- State Regulations -Voluntary Terminations 01:26:54
- State Regulations -Voluntary Terminations - Next Payday 01:29:00
- State Regulations -Voluntary Terminations - Next Payday 01:29:43
- Paying the Departed 01:30:41
- Consequences - Late Payment 01:32:54
- Consequences - Late Notice 01:33:36
- Consequences - Public Opinion 01:34:29
- What to Pay, What Can Stay 01:36:58
- Allowed 01:37:05
- Not Allowed 01:37:32
- Calculating Final Deductions 01:38:19
- Calculations 01:39:08
- Case Studies 01:39:31
- Challenges and Pitfalls 01:41:40
- Strategies, Communication, & Technology 01:42:08
- Questions 01:42:30
- Presentation Closing 01:49:15
- Audit 00:17:02, 01:04:52, 01:06:24
- Employee Stock Purchase Program (ESPP) 00:13:07, 01:48:49
- Expense Reimbursement 00:17:16
- Fair Labor Standards Act (FLSA) 00:36:19, 00:38:43, 00:50:10
- Form 1099 01:32:38
- Form W-2 01:32:22
- Fringe Benefit 00:18:15
- Garnishment 01:37:12
- Involuntary Termination 00:03:39, 01:17:08
- Liability 01:06:31
- Minimum Wage 00:36:59, 00:38:25, 00:51:45
- Overtime 00:10:25, 00:37:09, 00:41:17, 00:51:42
- Reciprocity 00:37:13, 00:59:29
- Regular Rate of Pay 00:15:51
- Regular Wages 00:09:56
- Severance Pay 00:06:55
- Voluntary Termination 00:03:38, 01:17:33
- Wage 00:05:42, 00:07:45, 00:19:20, 01:04:21, 01:41:53
- Worker Adjustment and Retraining Notification (WARN) Act 01:09:42, 01:14:52, 01:33:40
Audit: A formal examination of an organization's or individual's accounts or financial situation
Expense Reimbursement: Expense reimbursement is a method for paying employees back when they spend their own money on business-related expenses. These expenses generally occur when an employee is traveling for business but can occur in other work-related situations. (www.thebalancecareers.com)
Fair Labor Standards Act (FLSA): The Fair Labor Standards Act of 1938 29 U.S.C. § 203 is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits most employment of minors in "oppressive child labor".
Form 1099: Form 1099 is one of several IRS tax forms used in the United States to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Form W-2 is used instead). - Wikipedia (https://en.wikipedia.org/)
Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)
Fringe Benefits: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Garnishment: A legal summons or warning concerning the attachment of property to satisfy a debt
Involuntary Termination: An involuntary termination, for purposes of Section 409A, means a severance of the employment relationship due to the employer's independent exercise of the unilateral authority where the employee was willing and able to continue performing services.
Liability: In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
Minimum Wage: The lowest wage paid or permitted to be paid specifically fixed by a legal authority or by contract as the least that may be paid either to employed persons generally or to a particular category of employed persons.
Overtime: Overtime is time and a half of what an employee earns for every hour worked over 40 in a workweek. The FLSA salary threshold is the minimum salary employers must pay employees for them to be exempt from overtime wages.
Reciprocity: The practice of exchanging things with others for mutual benefit, especially privileges granted by one country or organization to another.
Regular Rate of Pay: An employee’s regular rate is the hourly rate an employee is paid for all non-overtime hours worked in a workweek. When calculating an employee’s regular rate, all compensation received by the employee in a workweek must be included, including wages, bonuses, commissions, and any other forms of compensation.
Regular Wages: "Regular wages" means wages paid by an employer for a payroll period either at a regular hourly rate or in a predetermined fixed amount.
Severance Pay: An amount paid to an employee upon dismissal or discharge from employment. Severance pay is usually given by an employer to its employees who are laid off or terminated for reasons other than firing-for-cause. ... In general, severance pay is up to the employer's discretion and is only legally required under specific circumstances.
Voluntary Termination: Voluntary termination may refer to a variety of actions, but most commonly, it refers to an employee's decision to leave a job on their own accord. It differs from a layoff or a firing, in which the decision to end employment was made by the employer or another party, rather than the employee.
Wage: A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.
Worker Adjustment and Retraining Notification (WARN) Act : The Worker Adjustment and Retraining Notification Act of 1988 (the "WARN Act") is a U.S. labor law that protects employees, their families, and communities by requiring most employers with 100 or more employees to provide notification 60 calendar days in advance of planned closings and mass layoffs of employees.
