Payroll Requirements for Handling Terminated Employees

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Payroll Requirements for Handling Terminated Employees

Oct 20, 2020

60 Mins

Dayna J Reum

The passage of the Families First and Cares Acts has caused massive changes to IRS Form 941 that affect the final three quarters in 2020! 16 new lines now appear on this form along with changes to two others! Are you ready to meet these changes and handle them correctly?

Here are just some of the new items you must now know and understand:

What has changed in Line 11?
Where do you enter your total non-refundable credits?
Where do you enter the deferred amount of the employer share of social security tax?
Where do you enter total deposits, deferrals, and refundable credits?
What is entered on Line 22?

Webinar Objectives

Review of different types of term pay from vacation pay to golden parachute payments.
Discussion around stock options and deferred compensation after termination
Taxation concerns regarding payments made to terminated employees
Timing of final pay for terminated employees including state law requirements
Year-end concerns
Discussion around deceased employee payments
How to handle legal settlements
Record Retention Concerns
Best Practices to protect employers

Webinar Agenda

Termination Pay-When you have to pay
Types of Term Pay
Employment Tax Concerns
Year-End Considerations
Terminations due to death
Legal Settlements
State UI Funds
WARN Act
Severance Payments
SUB Plans

Who Should Attend

Payroll
HR
Hiring Managers

Dayna J Reum

Dayna is currently the Director of Payroll Operations at a major medical center in Chicago. Dayna has been heavily involved in the payroll field over 20 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards for Customer Service and Acquisitions and Divestitures. Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll. Dayna has her CPP (Certified Payroll Professional) through the APA. She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.