This webinar will discuss proper taxation and reporting of the fringe benefit known as third party sick pay. It will discuss what is and is not third party sick pay, how the taxation is affected by the status of the provider (who 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:
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 training will answer these questions and delve into more.Areas Covered in the Webinar:
- 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
- The latest on the new IRS Third Party Sick Pay form
- What happens to the taxation if the employee pays a portion of the premium
Who Will 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
Course Provider
Vicki M. Lambert,
