Payroll's Impact on Employee Benefit Laws

Learn best practices of well-run payroll functions and warning signs of practices or gaps that could result in liabilities, penalties, or litigation.

Today's employee benefit laws place many demands on employers' payroll administrators. Failing to properly withhold and pay payroll taxes on employee benefits, and report them to the IRS, at the time and in the manner prescribed, can result in higher taxes, penalties, and interest. Failing to process wage withholding elections correctly, and forward employee contributions and loan payments in a timely manner, can violate federal and state laws and result in excise taxes and other fines, and require costly corrections requiring disclosures to the IRS or other agencies. Employer HR departments also rely on payroll administrators to provide information such as employee compensation necessary for the proper calculation of benefits. This topic will help persons responsible for an employer's payroll functions - whether inside or outside the employer - understand their obligations and best practices to avoid costly errors or omissions.

Learning Objectives

• You will be able to identify payroll tax obligations related to employee benefits
• You will be able to identify the tax rates and wage limits for various payroll taxes
• You will be able to identify the payroll tax payment requirements
• You will be able to recognize the requirements for a Defined Benefit Plan