Payroll Requirements for Handling Terminated Employees

October 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 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,...
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