Evolving Payroll Regulations

1. Introduction
2. Hello! 00:02:53
3. Regulations in Payroll 00:03:35
4. Stay Current! 00:04:00
5. What’s New? 00:05:33
6. Agenda 00:07:20
7. Updates 00:08:24
8. FLSA Exemptions 00:09:02
9. Overtime in Arkansas 00:12:20
10. Minimum Wage 00:13:39
11. Overtime in Arkansas 00:13:51
12. Minimum Wage 00:14:58
13. Impact Analysis 00:15:45
14. Employer Budget 00:20:40
15. System Configuration 00:22:45
16. Impact To Employees 00:28:07
17. Keeping Up To Date 00:33:45
18. Payroll Checklist 00:36:14
19. Audit Compliance Each Pay Cycle 00:36:26
20. Test! Test! Test! 00:42:47
21. Tax Reforms 00:45:51
22. W-4 Form 00:46:39
23. Employee Benefit Management 00:50:06
24. Annual Limits 2024 Adjustment 00:50:40
25. New Benefits 00:53:40
26. Gifts 00:55:59
27. Multi-State Taxation 01:00:10
28. Challenges  - 10th Amendment 01:02:16
29. Guidance 01:04:30
30. Best Practices 01:07:32
31. Streamlined Payroll Processes 01:11:31
32. Technology in Payroll 01:13:04
33. Tools and Software to Increase Efficiency 01:13:40
34. Case Studies 01:19:07
35. Sails Restaurant - FLSA Violations 01:19:25
36. Unforgettable Coatings - FLSA Violations 01:21:27
37. Moral Of The Story 01:24:00
38. Outlook & Preparedness 01:24:46
39. What Comes Next? 01:25:41
40. Are You Ready? 01:29:40
41. Attendee Questions? 01:31:36
42. A Little Take Away 01:45:09
43. Summary 01:45:20
44. Presenter Information 01:45:52
45. Presentation Closing 01:46:13

• Allocation 01:08:13
• Artificial Intelligence (AI) 01:13:17, 01:25:51, 01:27:21
• Audit 00:28:08, 00:33:31, 00:38:27, 00:40:11, 01:07:36, 01:15:00
• Blockchain 01:18:35
• Costs 00:21:44
• De minimis 00:56:45
• Dependants 00:49:25
• Earned Wage Access (EWA) 01:29:36
• Exempt 00:09:03, 00:10:38
• Expense 00:21:52
• Fair Labor Standards Act (FLSA) 00:09:02, 00:10:59, 00:11:56, 01:19:15
• Fair Market Value (FMV) 00:57:22
• Federal Insurance Contributions Act (FICA) 00:21:30,  00:52:24
• Flexible Spending Account (FSA) 00:51:23
• Form W-2 00:35:10
• Form W-4 00:46:06, 00:49:34
• Garnishment 00:54:46
• General Ledger (GL) 00:18:17
• GL Mapping 00:27:02
• Health Savings Account (HSA) 00:52:11
• Liability 00:21:20
• Minimum Wage 00:08:45, 00:15:01, 00:23:43, 00:26:11, 01:27:06
• Non-exempt 00:10:42, 00:29:17
• OASDI 00:52:33
• Overtime 00:08:49, 00:11:19, 00:12:45, 00:13:58, 00:16:54, 00:21:17, 00:23:02, 00:40:55
• Regular Rate of Pay 00:18:54, 00:21:03, 00:40:56, 01:07:57
• Tax Cuts and Jobs Act 00:45:55
• Vendor 01:29:39
• Wage Base 00:52:38

Allocation: Allocation is the separation of profits by percentage for each member.

Artificial Intelligence (AI): Artificial intelligence is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals.

Audit: A formal examination of an organization's or individual's accounts or financial situation

Blockchain: Blockchain.com is a Bitcoin block explorer service, as well as a cryptocurrency wallet supporting Bitcoin, Bitcoin Cash, and Ethereum. They also provide Bitcoin data charts, stats, and market information.

Cost: The sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location

De Minimis: Too trivial or minor to merit consideration.

Dependent: A dependent is a person other than the taxpayer or spouse who entitles the taxpayer to claim a dependency exemption. Each dependency exemption decreases income subject to tax by the exemption amount. Your dependent must be a U.S. citizen, a national, a resident alien of the U.S., or a resident of Canada or Mexico. A dependent can be claimed by one and only one taxpayer in any given year.

Earned Wage Access (EWA): Earned Wage Access (or on-demand pay) is a payroll feature that allows employees to access the wages they have already earned during the current pay period before the actual payday. For hourly employees, EWA means having real-time access to accrued wages.

Exempt : Exempt employee is a term that refers to a category of employees set out in the Fair Labor Standards Act. They do not receive overtime pay, nor do they qualify for the minimum wage

Expense: Offset (an item of expenditure) as an expense against taxable income.

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".

Fair Market Value (FMV): The term fair market value is used throughout the Internal Revenue Code among other federal statutory laws in the USA including Bankruptcy, many state laws, and several regulatory bodies. In litigation in many jurisdictions in the United States, the fair market value is determined at a hearing.

Federal Insurance Contributions Act (FICA): The Federal Insurance Contributions Act is a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

Flexible Spending Account (FSA): A Flexible Spending Account (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.

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/)

Form W-4: Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.

GL Mapping: Mapping payroll items to general ledger accounts allows you to classify your payroll transactions for your financial statements. You need to have list of account names and associated account numbers called the Chart of Accounts that your company uses to identify its general ledger (GL) accounts.

Garnishment: A legal summons or warning concerning the attachment of property to satisfy a debt

General Ledger (GL): A complete record of the financial transactions over the life of a company.

Health Savings Account (HSA): A savings account used in conjunction with a high-deductible health insurance policy that allows users to save money tax-free against medical expenses.

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.

Non-exempt: Non-exempt employees are workers who are entitled to earn the federal minimum wage for every hour they work. Such workers likewise qualify for overtime pay, which is calculated as one-and-a-half times their hourly rate, for every hour they work, above and beyond a standard 40-hour workweek.

OASDI: OASDI stands for old age, survivors, and disability insurance tax, and the money that your employer collects goes to the federal government in order to fund the Social Security program.

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.

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.

Tax Cuts and Jobs Act: The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97, is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act, that amended the Internal Revenue Code of 1986.

Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.

Wage Base: The taxable wage base is the amount of an employee's income from which the IRS calculates an individual's tax liability for Social Security. In other words, the taxable wage base is the income an employee earns on which Social Security taxes must be paid.