Payroll laws set out the rules for which payroll regulations are to be enforced. Payroll laws and regulations have been enacted since it is through the payroll that employees not only get paid; it is also the same source for taxation and other deductions. Every organization that has a payroll system has to adhere to these payroll laws and regulations. The federal Department of Labor (DoL) sets out payroll laws and regulations, which the Internal Revenue Service (IRS) enforces. Payroll laws and regulations apply at the State and local levels.
Purpose of payroll laws
The fundamental function of payroll laws and regulations is to ensure that employers pay their employees the wages in accordance with the minimum wage limit set out by federal laws. Payroll laws and regulations are meant to ensure that employees do not get underpaid for their work.
The federal government makes a few deductions as part of payroll laws, while a few other kinds of deductions are levied by the States, and this rate varies from state to state. Ensuring compliance with the requisite payroll laws is an obligation on the part of employers who are bound by the provisions of the payroll laws. Employers who fail to do so invite legal action from the DoL.
In order to comply with the set payroll laws; professionals in charge of payroll functions in organizations need to have a complete and proper grasp of the way payroll laws are enacted. They need to be completely clear about the exact laws that they need to apply, the ways of doing so, the implications of not getting payroll laws right, and so on. All these will be part of a very valuable training session that GlobalCompliancePanel, a leading provider of professional trainings for the regulatory compliance areas, is organizing.
At this two-day seminar, Miles Hutchinson, who is President, Sales Tax Advisors, Inc., and is a CGMA and experienced businessman, who brings over 35 years in the field, will be the Director. To register for this important learning, please visit http://www.globalcompliancepanel.com/control/globalseminars/~product_id=900838SEMINAR?wordpress_seo .
Helping with an understanding of payroll laws in their entire depth
Miles will help participants augment their learning and understand how to handle their role with confidence. He will cover a very broad range of topics that includes:
- Worker classification
- Employee classification
- Establishing methods and rates of pay
- What must be included in the rate of pay
- Hours that must be compensated as worked time
- Required benefits
- De Minimus working fringes
- Withholdings and deductions from pay
- Voluntary deductions
- Child support and garnishment orders
- Payroll reporting
- Analysis of risks of noncompliance
- Proper documentation of policies and procedures
- Record retention requirements.
Understanding the sources of laws and knowing how to locate them
The core of this session on payroll laws is that it will help participants understand the sources at which they can locate the laws, how to interpret them and how to apply them in the most effective ways. This learning will give the participants the skill and knowledge they need to master the laws and identify the best practices that ensure compliance from their organization and out of court. This is a big money saver for sure.
Miles will help participants who are concerned about their company’s ability to comply with U.S. labor and payroll laws with a formal study of the rules of engagement. This will help ensure that their company pays their employees fairly and handles tax and other withholdings appropriately, as mandated by law.