Payroll deduction and assessment for calculation of gross salaries is an important task and should be checked every time for errors. If you as an employer do it improperly, you can be heavily penalised by the IRS for negligence.
The Fair Labor Standards Act or FLSA aims to safeguard white-collar employees and checks that they are fairly compensated for their hard work by a private or public employer after deducting applicable taxes for various factors like fringe benefits (health insurance, group term life, meals and lodging, deductions of overpaid salaries from future payments, vacation hours, etc.)
As an employer or administrator, it is your duty to understand that this law is serious and Fair Labor Standards Act (FLSA) cases have hit a new record high and continue to rise. More than 8,126 lawsuits were filed in the last year increasing it to over 400% since year 2000.
Key Features of the Conference
Since it is pertinent for an employer to expressly specify in the payroll about what can and what cannot be deducted from an employee’s payroll, this webinar will ensure that you understand how to comply with the FLSA. Not only will you learn why maintaining diligent record keeping of payrolls is necessary, but you will also save yourself from landing into court.
The FLSA is undergoing an amendment and the new rules ensure that fair minimum wage and overtime is paid to more eligible non-exempt employees of the company. Not only should you keep yourself updated about this law, but also understand its do’s and don’ts regarding calculation of salaries, deduction of overpayment, fringe benefits, deductions for applicable taxes, etc.
Many things have to be kept in mind while preparing a payroll such as:
How much tax should be deducted from any employee's wage by an employer?
What amount can and what can’t be legally deducted?
What amount can never be deducted?
If an employer messes up these calculations, processing the paycheck will turn out to be incorrect and you can land up in jail for improper compensation to employees.
Penalties for non-compliance with FLSA’s exemption provisions can include:
This webinar by expert speaker Vanessa Nelson aims to educate you about the seriousness of FLSA and how you as an employer should start planning right now for the impact on your bookkeeping operations and finances, and also how not to incur fines due to any violation of the law.
You will learn the duties you need to perform in order to avoid massive penalties due to non-compliance like repeatedly violating the minimum wage or overtime payments to employees which is a crime and liable to be prosecuted.
You will learn that manually tracking your employees can cost you time and money and why it is necessary to maintain proper and updated electronic payrolls.
You will learn how to ascertain the cost of various benefits like uniforms for work, vacation perks, loans and advances, overtime hours, etc., and whether they can be deducted from an employee’s salary or not according to contract.
The Session will cover Key Topics such as:
Overview of the Fair Labor Standards Act
Summary of the Department of Labor’s (DOL) proposed changes to regulations defining the "white collar" overtime exemptions
Salary levels proposed for 2016
Differences between the Exempt vs. non-exempt criterion for employees
Preparing for an FLSA inspection
Errors in misclassifying workers as independent contractors and their difference to employees
Overview of penalties for misclassifying employees
How to avoid non-compliance for misclassified employees
Trivia Questions and Examples
Who Can Benefit From This Conference
CFOs, VPs, Directors and Top Management
Managers & Supervisors
This webinar has been approved for 1 HR (General) recertification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. “The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.”