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This 90 minute webinar focuses the best practices and requirements needed to properly deduct and/or pay the state income tax, local taxes, and state unemployment insurance for an employee who lives and works in two separate states or who works in two or more states.
12/12/2013 03:53 AM12/12/2013 09:53 AMTraining Topic: Multistate Taxation: What Payroll Must Know NowInstructor: Vicki M. Lambert
Withholding taxes correctly can be an arduous task when an employee works and lives within one state. This task becomes more complex when the employee lives in one state and works in another. But if the employee works in two or more states this process can be overwhelming.
Why Should you Attend:
Complying with the tax code and the tax withholding requirements for the IRS and one state is complicated enough. But for the multistate employer multiply this by 5, 10, 20 or even 40 and it can turn into a payroll department’s worse nightmare keeping track of it all. Not only more rules and regulations to comply with but you must multiple the penalties if you make a mistake as well. Employees who live in one state and work in another or work in two or more states simultaneously require special handing by payroll to ensure that the proper amount of income tax comes out for the correct state. And the employer cannot simply tax for the home state and hope to survive an audit. The question the employer must answer: is it prepared to meet the challenges of multistate taxation?
Objectives of the Presentation:
In this webinar we will discuss the handling of state taxes when an employee lives in one state and works in another, or works in two or more states simultaneously. This includes what taxes to be on the lookout for including locals, determining liability as an employer, how reciprocal agreements can play an important role in determining state withholding, the differences between resident and nonresident taxation, Form W-4 equivalents and state unemployment insurance.
A payroll professional must know the taxation and reporting requirements for all states where the company has employees working or in some cases, living. Which state gets the SUI tax and which gets the income tax for a nonresident working in the state? Does the state have disability insurance and is it done through an insurance company or through a payroll deduction? If the employee is working in two or more states how does the employer calculate the taxable wages for each state?
How to determine state withholding liability
Who is a resident
How reciprocal agreements affect taxation of wages
How state exemptions or credits affect withholding
Resident and nonresident taxation policies
The four factor test for state unemployment insurance
Income and unemployment taxation of Fringe benefits
Which states follow the Internal Revenue Code and which version
How to handle income and unemployment insurance taxation for employees working in multiple states
Supplemental withholding rates
Withholding requirements when an employee is in a state temporarily
Which states require the use of their own Withholding Allowance Certificate, which states allow either theirs or the Form W-4, and which states don’t have a form
Reporting wages for multistate employees on Form W-2
Who can Benefit:
Any individual or entity that must deal with the complexities and requirements for withholding, depositing and paying taxes in a multistate environment
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