Paycheck Calculation Basics

Training Provided by Lorman Education Services nThis is an excellent teleconference for those new at withholding payroll taxes or for those who need a refresher course. You will learn tips on how and why to determine if the worker is exempt or nonexempt. We will cover the calculation of and the maximum deductions for Social Security and Medicare taxes in 2009. n nThere are multiple methods of calculating federal withholding, which one should you use? How does an employee's W-4 affect their paycheck? Also, when calculating taxes on employees with cash tips, we will discuss the priority of withholding taxes. n nIf you've made errors on quarterly returns in 2008, there is a NEW form to use to make corrections, find out more about that in "Paycheck Calculation Basics." n

Paycheck Calculation Basics Agenda

1. Exempt or Not Exempt? That Is the Question
2. FLSA: Fair Labor Standards Act Impact on Overtime, Minimum Wage
3. Calculate Social Security and Medicare Tax
4. Calculate Federal Withholding Tax (Percentage Method vs. Supplemental Method)
5. Pay Frequency and Affect on the Payroll Check
6. Cafeteria Plan and 401(k) Reduce Taxable Wages
7. Withholding on Supplemental Wage Payments of $1 Million or More
8. Tips on Calculating Taxes on Tips
9. New Form in 2009 for Reporting Adjustments

About The Training Provider: Lorman Education Services

More Payroll Training from Lorman Education Services

• Answers to Top 10 Common Payroll Questions
• Best Practices to Manage Your Multistate Payroll
• Form W4: Impact on Payroll
• Handling Federal Garnishments from Receipt to Termination
• Paperless Payroll: Essentials to a Seamless Transition
• Payroll Compliance
• Payroll Management
• Payroll Recordkeeping: What You Need to Know
• Supplemental Wage Payments: Common Withholding Guidelines
• What the New Ledbetter Pay Act Means for Employers