Choosing the Right Pay Instrument and Pay Period for your Company
Mark Schwartz
Live: One Dial-in One Attendee
Corporate Live: Any number of participants
Recorded: Access recorded version, only for one participant unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
Corporate Recorded: Access recorded version, Any number of participants unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
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This activity has been approved for
1.25 HR
(General) recertification credit
HRTraininngs is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP® or SHRM-SCP®.
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1-hour and 15 minute concurrent conference session = 1.25 PDCs.
3-hour e-learning course = 3 PDCs.
We can start with recordkeeping requirements. Do you know what information must be kept on-hand to comply with Federal reporting requirements? The answer lies not in what forms you must keep, but what types of information should be contained therein. Also, learn what is necessary for compliance with electronic recordkeeping.
From there, we will discuss in detail the two most common types of payroll agents - Checks and Direct Deposit. Do you know how to evaluate which is best for your business and its employees? Learn how to decide to use one, the other, or both.
There is one growing option - that of payroll pay cards. These are debit cards that receive net pay amounts for employees to access as they see fit. Do you know the regulations that govern them? In addition to their advantages, learn the privacy, cost and control issues you must adhere to.
Did you know that paying in cash is legal? Although it is, it is not usually recommended. However, if you so choose to pay in cash, you must learn the myriads of recordkeeping requirements for both pay, withholding and employer taxes. We will talk about best practices for use of cash payment. We will also discuss the one illegal form of paying in cash, that of “paying under the table.”
Finally, have you thought about the right pay period choices for your business? You can choose most any that you like within a monthly timeframe. How do determine what is best for your business? We will go over the advantages and disadvantages of the most common. You will also learn how to change pay periods when you so choose.
Areas Covered in the Session:
- GUIDANCE ON RECORDKEEPING - we will summarize the regulations for payroll recordkeeping that satisfy the FLSA and IRS rules. Specifically:
- Types of Records and the Information they should contain
- Specific rules from the Fair Labor Standards Act and the IRS about proper recordkeeping
- The IRS procedures on electronic records
- Paychecks vs Direct Deposit - The two most common types of pay instruments
- Pros and Cons of Each
- Privacy and Control
- Cost and other considerations
- Payroll Pay Cards - Are they right for your company?
- When is it a good alternative to checks//direct deposit?
- What are the benefits to both employers and employees
- What are the Federal regulations concerning Pay Cards
- Paying in Cash - Yes, it is legal. But much caution must be used for proper recordkeeping and tax compliance
- The importance or proper recordkeeping
- Proper taxation advice
- Guidelines and Legality in the States
- Recommendations and Best Practices
- Paying Under the Table - Illegal and Potentially Costly
- Pay Period Choices - How to choose the right one for your business
- Common pay period choices for most businesses
- Pros and Cons of each
- How to properly change your pay frequency - the Best Practices and guidelines for smooth transition and employee communication
- Pay Frequency Laws from the Federal and State Governments
Who Will Benefit:
- Payroll and HR Managers and Staff
- Compensation and Hiring Staff
- Finance and Operational Managers
- Executive Staff
- Auditors and Reviewers
Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.