This webinar takes
a closer look at the IRS Form W-4 for 2023 and what’s in store for payroll in
the new year. This includes new wording changes, the requirements for
completing the form properly, handling non-resident aliens, state equivalent
forms, record retention and processing the form electronically instead of on
paper. We will also discuss best practices for processing more efficiently
within the department.
Background:
The importance of
the Form W-4 is fundamental to the payroll department. It is the foundation for
the taxation of an employee’s paycheck as well as a required IRS form. Failure to handle the form correctly and
completely can open the door to serious problems not only in properly
withholding from the employee’s gross wages but could extend beyond the
regulations and affect payroll customer service or employee morale. It can also
lead to costly expenditures of time and budget resources to correct
non-compliance consequences.
Questions arise in
processing the forms almost daily in a payroll department. Is it a valid form?
If not, what should payroll do to correct the problem? Did the employee check
the box on Line 2c? Did the employee complete Step 4? These are the types of
questions that must be answered to process the form completely and correctly.
And it is not just the federal form that payroll must process; many states have
their own version of the form and now do not permit use of the federal form for
state tax withholding.
Topics covered
include:
·
Review
of the Form W-4 for 2023
·
Review
of the employer instructions and publication 15-T
·
Examples
of calculating income tax withholding
·
Discussion
of how to handle calculating income tax withholding using prior versions of the
form
Attendees will
learn:
·
How to
use the new form W-4 including the various new tables
·
To
understand the employer instructions in publication 15-T
·
Discover
the various methods of calculating income tax withholding using current and
prior year forms W-4.
Who can
Benefit:
·
Payroll
Executives/Managers/Administrators/Professionals/Practitioners/Entry Level
Personnel
·
Human
Resources Executives/Managers/Administrators
·
Accounting
Personnel
·
Business
Owners/Executive Officers/Operations and Departmental Managers
·
Lawmakers
·
Attorneys/Legal
Professionals
·
Any
individual or entity that must deal with the complexities and requirements of
Payroll compliance issues
JIT Trainings is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.
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