A payroll deduction occurs when funds are taken from a worker's pay before that pay is 'in hand.' Some deductions are mandated by legislation, and some are due to a private agreement between an employer and an employee.
Payroll deductions are an essential part of a paycheck. It's important to understand what goes into each category and have a plan to reduce the tax burden. Managing payroll is significant from a tax perspective—for both your business and your employees. Taking the steps necessary to process your payroll accurately and efficiently and understanding the different payroll deductions will give you peace of mind that you're complying with government regulations and running your business successfully.
The webinar provides an overview of all the payroll deductions and taxes your business may be responsible for, making payroll tax calculations and employee benefits tax payments less complicated for you.
Webinar Highlights:
The webinar will explain the benefits of using and reducing taxable income to employees.
Comparing which deductions come out of pre-tax income vs which don't.
Understanding what the deductions are used for and how to explain them to employees.
Learning what happens if it doesn't withhold the deduction process.
Learning which deductions are mandatory and which aren't.
Maintaining how to stay on the right side of rules and regulations.
Learn the benefits and disadvantages of voluntary deductions and go through which deductions are voluntary.
Understanding when you can and can't deduct business-related expenses from employee paychecks.
Maintaining to find information on State rules and regulations, which can and do differ significantly from Federal rules.
A step-by-step process to avoid common mistakes made by employers.
Going through other specific examples is beneficial to most businesses.
A brief description of other 3rd party deductions from your employee paychecks.
The speaker will discuss the penalties associated with non-compliance.
Why Should You Attend:
Payroll deductions are an essential part of running a company. Knowing which payroll deductions, you're entitled to take is crucial so you don't have to pay extra fees or fines later. Ask your employer about any additional paperwork you need to claim these deductions correctly. Payroll deduction information is essential, so keep it in mind as you work and pay your taxes.
Who Should Attend:
Executive Staff
Finance Manager
Operational Managers
Payroll and HR managers
Compensation and hiring Staff.
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.
