Live Webinar
Webinar Details $219
- Webinar Date: December 6, 2024
- Webinar Time: 12:00pm - 1:40pm EST live
- 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
- Agenda 00:03:02
- What Is A Final Paycheck 00:04:40
- Final Paycheck 00:04:51
- Types of Final Paychecks 00:13:32
- Voluntary Termination 00:14:08
- Involuntary Termination 00:17:16
- Loss of Life 00:22:57
- Severance/Settlement 00:28:47
- Requirements By State 00:34:41
- Alabama 00:35:31
- Alaska 00:37:27
- Arizona 00:40:02
- Arkansas 00:42:04
- California 00:44:15
- Colorado 00:47:48
- Connecticut 00:48:19
- District of Columbia 00:49:29
- Delaware 00:51:03
- Florida 00:51:56
- Georgia 00:52:42
- Hawaii 00:53:29
- Idaho 00:56:12
- Illinois 00:57:14
- Indiana 00:57:45
- Iowa 00:58:47
- Kansas 00:59:16
- Kentucky 01:00:00
- Louisiana 01:01:24
- Maine 01:03:15
- Maryland 01:03:34
- Massachusetts 01:03:54
- Michigan 01:05:06
- Minnesota 01:05:53
- Mississippi 01:09:43
- Missouri 01:10:05
- Montana 01:11:10
- Nebraska 01:12:23
- Nevada 01:13:13
- New Hampshire 01:15:39
- New Jersey 01:16:28
- New Mexico 01:16:43
- New York 01:17:31
- North Carolina 01:17:53
- North Dakota 01:18:05
- Ohio 01:18:24
- Oklahoma 01:18:59
- Oregon 01:19:13
- Pennsylvania 01:20:18
- Rhode Island 01:20:27
- South Carolina 01:21:22
- South Dakota 01:22:31
- Tennessee 01:22:44
- Texas 01:23:14
- Utah 01:23:46
- Vermont 01:24:27
- Virginia 01:25:07
- Washington 01:25:13
- West Virginia 01:25:23
- Wisconsin 01:25:31
- Wyoming 01:25:39
- Identifying and Resolving Risks 01:26:27
- Location 01:26:33
- Timing 01:30:01
- Constructive Receipt 01:32:12
- Best Practice Review 01:33:11
- Checklists 01:33:14
- Questions 01:35:12
- Presenter Closing Words 01:45:23
- Presentation Closing 01:45:47
- Accrued Bonus 00:11:32
- Accrued Time Off Balance 00:05:07
- Adjusted Deduction 00:06:53
- Commissions 00:10:53, 01:17:03
- Constructive Receipt (CR) 01:32:14
- Expense Reimbursement 00:09:23
- Form W-2 00:28:27
- Impounded Earnings 00:05:46
- Involuntary Termination 00:13:27, 00:17:21
- Overtime 01:17:05
- Severance Pay 00:08:00, 00:28:53, 00:40:08
- Voluntary Termination 00:13:26, 00:14:12
- Wage 01:17:19
Accrued Bonus: An accrued bonus is a bonus that is contingent on performance. An employer determines whether or not to offer an accrued bonus to an employee. Accruing a bonus is a tough decision to make. You cannot predict an employee's future performance.
Accrued Time Off Balance: An accrual is a scheduled automatic addition to your time off balance. For example, your Vacation policy could specify that you accrue 1 day on the first day of each month. A reset is a scheduled reset of your balance.
Adjusted Deduction: Adjustment is a settlement, allowance, or deduction made on a debt or claim that has been objected to by a debtor or creditor in order to establish an equitable arrangement between the parties. For tax returns, an IRS-approved change to tax liability is considered an adjustment.
Commissions: Commissions are a form of variable-pay remuneration for services rendered or products sold. Commissions are a common way to motivate and reward salespeople. Commissions can also be designed to encourage specific sales behaviors.
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)
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/)
Impounded Earnings: Payroll Tax Impounding is when your payroll tax liabilities are automatically deducted for each paycheck. Your payroll provider will then submit your tax payments to the appropriate government entity when they are due.
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.
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.
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.
