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Termination Pay - A Summary of State and Federal Guidelines for Calculation and Compliance

Wednesday,
November 6, 2024
Time:
10:00 AM PST | 01:00 PM EST
Duration:
75 Minutes
Webinar Id:
709369
Register Now

Live Version

$145. One Participant
$295. Group Attendees

Recorded Version

$195. One Participant
$395 Group Attendees

Combo Offers

Live + Recorded
$289 $340   One Participant

Live + Recorded
$599 $690   Group Attendees

Group Attendees: Any number of participants

Recorded Version: Unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)

Overview:

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.

Why should you Attend: 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.

Areas Covered in the Session:
  • Know the state and federal regulations on termination pay for all states you operate in
  • Calculate and pay accurate amounts to workers who quit or are fired
  • Know proper taxes to withhold
  • How to either pay out or forward fringe benefit accounts and balances
  • Comply with other regulations such as cobra

Who Will Benefit:
  • Payroll and HR Managers and staff
  • Hiring Personnel
  • Internal and External Audit Personnel
  • A/P Managers and Staff
Instructor:

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.


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