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?
In this webinar we will discuss:
- 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
- Payroll professionals
- Human Resources
- Accounting Personnel
- Business Owners
- 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
Ask your question directly from our expert during the Q&A session following the live event.
Vicki M. Lambert
Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company’s website www.thepayrolladvisor.com offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations.
With 40 years of hands-on experience in all facets of payroll functions as well as over three decades as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today.
A pioneer in electronic and online education, Ms. Lambert produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country. Ms. Lambert now presents a weekly podcast, Payroll 24/7, on all things payrolls.
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