64 2014 - The Essentials of Third Party Sick Pay: What Payroll Must Know to Tax and Report Correctly

Instructor: Vicki M. Lambert
Description:
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
Third party sick pay is a common benefit offered by many employers nationwide. But handling it in the payroll department can be a very difficult challenge. There are many issues that must be clarified in order to determine the taxation and reporting requirements under the Internal Revenue Code. For example, is the insurance company being used the employer’s agent or not the employer’s agent? Who is depositing the FICA taxes deducted from the employee’s payment and who is depositing the matching employer FICA taxes? Is the payment even subject to FICA taxes? This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
Why Should you Attend:
Attend this 90 minute presentation to better understand the IRS requirements for taxing and reporting third party sick pay from all perspectives including when the employer’s agent and when not the employer’s agent.
Objectives of the Presentation:
For the attendee to learn and understand the requirements for the taxation and reporting of third party sick pay. This includes:
What is third party sick pay
When is the third party not the employer’s agent and when are they
How does the status of the employer’s agent affect the taxation and reporting of third party sick pay
When is third party sick pay taxable for income tax
When is third party sick pay taxable for FICA and FUTA
When is third party sick pay nontaxable
Who reports the payments for third party sick pay for such forms as the 941 and W-2
What happens to the taxation if the employee pays a portion of the premium
Who can Benefit:
Payroll professionals
Human Resources
Accounting Personnel
Business Owners
Lawmakers
Attorneys
Any individual or entity that must deal with the complexities and requirements of taxing and reporting third party sick pay for his or her employer
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