Payroll Requirements For Terminated Employees
Managing termination pay requires knowing the federal and state laws. Human Resources and Payroll professionals must know the proper way to handle the final payment for non-exempt and exempt employees. Although the State will mandate how and when employees should receive their final payment, it’s the employer's responsibility to ensure all payments such as dismissal pay, severance pay, stock options and golden parachute payments are accurately paid in a timely manner.This training session covers the laws and procedures affecting when and how to pay terminated employees.You will also learn how to handle the more complex issues such as recouping overpayments, third-party sick pay, death payments, legal settlements and stock options. The various type of termination paymentsThe difference between voluntary and involuntary termination payState by State Review When and How to pay the final paymentDetermine and pay executive golden parachute payments, tax consequences, and reporting requirements.Difference between salary continuation and lump sum severance payments and the tax consequencesThe importance and requirements of providing a state labor separation noticeDifference between deceased, death payments and reporting requirementsState by State review for recouping negative vacation balance and overpayments from a terminated final paymentThe correct way to pay stock options and dividend payments for a US and Cross-Border employeesTermination ChecklistLearning ObjectivesHow Federal law and state laws affect termination paymentsTimeline when payment is due to the terminated employeeDetermine the calculation for an executive golden parachute paymentHow to minimize risk and exposure for voluntary and involuntary paymentsDevelop an effective termination checklistHow and when to pay stock options and dividend paymentsHow to handle and tax special payments such as legal settlement and attorney feesWho Should AttendHuman Resource ProfessionalsPayroll ProfessionalsSupervisors and ManagersBusiness OwnerVP’s and Attorneys
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Managing termination pay requires knowing the federal and state laws. Human Resources and Payroll professionals must know the proper way to handle the final payment for non-exempt and exempt employees. Although the State will mandate how and when employees should receive their final payment, it’s the employer's responsibility to ensure all payments such as dismissal pay, severance pay, stock options and golden parachute payments are accurately paid in a timely manner.
This training session covers the laws and procedures affecting when and how to pay terminated employees.
You will also learn how to handle the more complex issues such as recouping overpayments, third-party sick pay, death payments, legal settlements and stock options.
- The various type of termination payments
- The difference between voluntary and involuntary termination pay
- State by State Review When and How to pay the final payment
- Determine and pay executive golden parachute payments, tax consequences, and reporting requirements.
- Difference between salary continuation and lump sum severance payments and the tax consequences
- The importance and requirements of providing a state labor separation notice
- Difference between deceased, death payments and reporting requirements
- State by State review for recouping negative vacation balance and overpayments from a terminated final payment
- The correct way to pay stock options and dividend payments for a US and Cross-Border employees
- Termination Checklist
Learning Objectives
- How Federal law and state laws affect termination payments
- Timeline when payment is due to the terminated employee
- Determine the calculation for an executive golden parachute payment
- How to minimize risk and exposure for voluntary and involuntary payments
- Develop an effective termination checklist
- How and when to pay stock options and dividend payments
- How to handle and tax special payments such as legal settlement and attorney fees
Who Should Attend
- Human Resource Professionals
- Payroll Professionals
- Supervisors and Managers
- Business Owner
- VP’s and Attorneys
