There are quite a few misconceptions surrounding wage and hour law and tax law. These cause problems for employers and may also lead to compliance issues, if they do not understand what they are doing wrong. Discover the 10 common misconceptions surrounding payroll and learn what the truth is, so you are in compliance.
There are many misconceptions even today about correctly paying your employees, under federal and state laws. Some people believe that it is illegal to compel exempt employees to record their time (not true), whereas others think that payment made to an employee for a holiday must be included in overtime calculation under the law (again, not true). Yet others believe that if they have a firm policy which states that overtime must be approved in advance to be paid, it is perfectly legal for them to refuse overtime payment (absolutely not true). Severe problems will be caused by the misconceptions concerning wage and hour law for employers. Not paying overtime because it was not approved in advance can result in penalties, fines and interest not to mention an audit by the Department of Labour. And having a "written policy in place" will not help. Failure to pay overtime to an employee merely because he or she has been designated as "on salary" does not relieve the employer of the penalties if they did so because they "misunderstood the law". But misconceptions can also cost money where it doesn't need to be paid resulting in needless increased labour costs. Does your company include vacation, sick or PTO as hours worked when calculating overtime because of the misconception that it is required by law? Or is it done because this is the policy the company "wishes" to follow?
During this webinar, our expert speaker will walk you through the subject, discussing ten common misconceptions about payroll, and how you can avoid them. Understanding the subject can help you save a lot of money you might otherwise be losing through penalties, fines, interest, or overpayment.
- Find out how to correctly calculate tax on Gift Cards
- Find out how to calculate overtime on a bi-weekly, semi-monthly or monthly payroll
- Find out whether you need to pay employees for “unproductive time” (i.e., time spent sleeping, travelling, etc.)
- Find out whether you should include holidays, sick leave and vacation, while computing overtime
- Find out whether exempt employees working hourly need to be paid overtime
- Understand the commonest misconceptions and ensure that your company is handling payroll correctly, and not under or over-paying its employees
- Weekly overtime is the only OT employers need to worry about (federal law always supersedes state law)
- The company defines the work week and they can only change the same if needed
- The employer decides the exact working time.
- There is no payment is to be done to the employees for unproductive time i.e. sleep, travel etc.
- The employees can skip meal, periods or breaks if required
- Benefit time such as holiday, sick or vacation pay must be included in the computation of overtime
- The overtime payment is done only to the hourly employees
- If the employee does the 42 hours working, then he should be paid for extra 2 hours.
- An exempt employee working in an hourly position does not have to be paid overtime
- Overtime not approved in advance does not have to be paid
Who will benefit:
The following people will benefit from, and should therefore attend, this webinar:
- Human Resources Professionals
- Accounting Personnel
- Payroll Professionals
- Business Owners (including small business owners)
- Professionals who must deal with the complexities and technicalities of ensuring payroll compliance