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Payroll Basics and Taxation of Fringe Benefits

Tuesday, September 16, 2008 (60 Minutes)

Presented by: Brenda JM Sabin, CBP Director of Operations - HRSentry, LLC

The payroll department handles your organization's largest asset - your employee's wages and the taxes. Being in compliance with the ever-changing IRS tax laws can seem overwhelming at times. Employees wanting you to do things "their way" can be a compliance nightmare. A simple thing as accepting an invalid W4 can put your organization at risk. Learn about W4s, W5s, W9s, 1099s, Independent contractors vs employees, new hires, I-9 updates and taxation of fringe benefits. Do you know the tax laws on tuition reimbursement? relocation? company vehicles? What about health insurance if you offer it to domestic partners or civil union couples? Not taxing benefits correctly can lead to huge fines and penalities when you get audited by the IRS!

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