The IRS has released the final version of the 2020 Form W-4 – Employee’s Withholding Certificate along with publication 15 T which contains the withholding instructions. Compliance with the Tax Cuts and Jobs Act has forced the IRS to completely revamp this form for 2020.
This webinar will review the latest draft of this form and its corresponding publication 15-T in great detail. The webinar includes several examples of calculating federal income tax withholding beginning January 1, 2020. We will also tackle the question of how to continue using prior year versions of the form W-4.
Why Should You Attend?
- Understand the employer’s legal obligation to withhold tax.
- Know which employees are required to use the 2020 W-4.
- Learn how to use the new form W-4 including the various new tables.
- Know what must or must not be included on each line of Form W-4 and how to identify invalid Forms.
- Discover the various methods of calculating income tax withholding using current and prior year forms W-4.
- Understand the employer instructions in publication 15 T
- Know how to deal with special problems and situations related to Form W-4 such as non-resident alien forms, lock in letters, and invalid and questionable employee submissions.
- Be aware of the penalties for failing to withhold or deposit tax and reporting errors
- Record retention requirements – how long must an employer keep the forms
- And More!
- Gained knowledge of the requirements under wage and hour laws when an employee works in two or more states
- Learned how to handle garnishment withholding for a multistate employee
- Understand how to determine state withholding liability and how it is affected by the residency of the employee
- Gained knowledge in reciprocal agreements and the difference between taxing residents on their worldwide income and non-residents on the income earned within the state
- A better knowledge of the three calculation methods permitted to determine taxable wages for state income tax including the volume of business ratio method and the time basis method
- A clear understanding of the basics of the four factor test used to determine the payment of state unemployment insurance
Who can Benefit:
- Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
- Human Resources Executives/Managers/Administrators
- Accounting Personnel
- Business Owners/Executive Officers/Operations and Departmental Managers
- Attorneys/Legal Professionals
- Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues