Fundamentals of Payroll Calculations: Taxable Gross, Regular Rate of Pay and State Differences in Taxable Calculations
OVERVIEW In this webinar, attendees will learn the difference between gross pay and taxable pay and regular pay , all of which may be different numbers! This can prepare the payroll team to respond to questions from employees who don’t understand their paychecks. We’ll discuss these questions: Do you know if any of your benefit plans are pre-tax? If you are in multiple states, are you aware of how each state regards Section 125 or 401k plans? What about an employer match for your 401k or 403b plan? Do your benefits include life insurance, and are you aware of how this may affect an employee’s taxable income? Do you understand how to calculate taxable wages and what is also not subject to withholding? If your employees are paid hourly, do you know how to calculate hourly rate from salary and if they receive the same hourly pay for all jobs, or are there shift differentials, multiple rates or other additions and c...