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Payroll Answer Book, 2021 Edition by Patrick McKenna , Deborah Ellis Timberlake Arrow Electronics Payroll Answer Book, 2021 Edition by Patrick McKenna , Deborah Ellis Timberlake Arrow Electronics

Payroll Answer Book, 2021 Edition

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Overview

Payroll Answer Book

Payroll Answer Book gives payroll professionals guidance on the steps they need to take to comply with the laws and regulations governing payroll. From both a legal and practical standpoint, broad and deep coverage is given to the payroll implications of the wage and hour law and how to handle the federal employment taxation of benefits offered to employees. Detailed information is provided on computing and paying payroll taxes, how to handle garnishments and other deductions, how to determine whether workers are employees or independent contractors, what records must be kept, what the benefits and disadvantages of direct deposit of employees’ wages are, how to treat sick pay, how to handle a merger or acquisition, what to ask when employees work abroad, and how the payroll department can protect employees’ data. In addition to answering the full range of payroll questions, the Payroll Answer Book contains abundant examples that illustrate necessary calculations.

Note: Online subscriptions are for three-month periods.

Previous Edition: Payroll Answer Book, 2020 Edition, ISBN: 9781543818857

Resources Table of Contents
Pages 1342
Last Updated 05/26/2021
Update Frequency Annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781543837278
SKU 10044753-0005
Resources Table of Contents
Publish Frequency Annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
SKU 000000000010048466
About The Experts
Highlights

The 2021 Edition of Payroll Answer Book brings the payroll professional up to date on the latest federal law and regulatory changes, including:

  • Updated DOL and NLRB stances on joint employment
  • Salary-level test for FLSA white-collar exemptions
  • COVID-19 paid sick and family leave relief for employers
  • How COVID-19 legislation affects Form 941
  • COVID-19 impact on unemployment benefits and taxes
  • Form 1099-NEC for nonemployee compensation, which replaces 1099-MISC
  • Penalties for unfiled 1099-NEC (formerly 1099-MISC)
  • Rules for hardship distributions from 401(k) plans
  • List of states requiring a tipped minimum wage other than the federal rate
  • DOL announced proposed rule for tip credit
  • DOL issued Final Rule related to which benefits paid to an employee can be excluded from the regular rate of pay
  • Due dates for commonly filed tax forms
  • Accelerated due date for filing Forms W-2
  • Impact of totalization agreements on host and home country taxes
  • Procedures for transferring money in foreign bank transfers
  • Employers may voluntarily truncate employees’ SSNs on Forms W-2
  • How to complete the 2021 W-2 Form
  • Cents-per-mile valuation method decreases to $0.56 for 2021, down from $0.575 for 2020, and the FMV for passenger automobiles (including trucks and vans) remains at $51,000 for 2021
  • New Social Security wage limit for 2021 is $142,800
  • Independent contractors may be subject to child support withholding
  • Updated standardized withholding order for child support
  • Forms used to report newly hired workers
  • Multistate employersmay report all newhires to a single state
  • 2021 federal deposit lookback period
  • 2021 FICA exclusion amounts for election workers and household workers
  • Due dates for filing 2021 Forms 941
  • The new Form W-4 has been released for 2021
  • Expiration date for the 2021 exemption from federal income tax withholding
  • Withholding limits for student loan garnishments
  • The definition of “disposable earnings” under the Higher Education Act
  • Effect of COVID-19 on the collection of defaulted student loans
  • Application of transition pay for certain European countries
  • Supplemental wage withholding rates are 22 percent (37 percent for wages exceeding $1 million) for 2021
  • 2021 figures used to withhold federal income tax from wages paid to nonresident aliens
  • Maximum earned income credit and income limits for 2021
  • List of legal holidays for 2021
  • New steps for calculating withholding using the wage bracket method
  • New steps for calculating withholding using the percentage method
  • Withholding tables for 2021
  • Inflation-adjusted penalty amounts for failure to furnish correct Forms W-2
  • Qualified plan contributions and benefits limits for 2021
  • Maximum excludable adoption assistance benefits, and adjusted gross income (AGI) limitations, or 2021
  • SIFL rates for imputation of personal use of employer-provided aircraft
  • For 2021, high-low per diem rates for high-cost and other cities are now $292 and $198, respectively  2021 adjusted gross income (AGI) limits for IRA contributions
  •  2021 qualified plan contribution limits, including catch-up contributions
  • High-deductible health plan and health savings account contributions limits for 2021
  • 2021 exclusion from wage limits, by age, for employer-paid long-term care insurance premiums
  • Update on when Form 8922, Third-Party Sick Pay Recap, is required
  • The 2021 highly compensated employee (HCE) threshold is $130,000 for qualified plan nondiscrimination testing purposes
  • The 2021 key employee compensation threshold, for nondiscrimination testing purposes, is $185,000
  • Calculating taxable sick pay
  • 2021 control employee thresholds for purposes of valuing the personal use of a company vehicle
  • Saver’s credit adjusted gross income (AGI) limits for 2021
  • DOL’s new opinion letter on compensable commuting time for teleworkers
  • DOL cancels Payroll Audit Independent Determination program
  • Show-up and call-back pay are included in the regular rate of pay
  • 2021 qualified transportation fringe benefits limits for parking and transit
  • Form W-2 reporting requirements for third-party sick pay
  • Revised listing of states that permit voluntary contributions and joint accounts
  • The threshold for withholding income tax on distributions of Indian gaming profits to tribal members
  • The only FUTA credit reduction state/jurisdiction for 2020 is the Virgin Islands
  • Redesign of withholding compliance lock-in letters
  • Additional steps for payroll departments to protect the security of employee data
  • Privacy rules for Asia Pacific (APAC) countries
  • IRS Form 668-D informs employers to stop withholding for a tax levy
  • Tables for calculating the amount of wages exempt from levy are published annually in IRS Publication 1494
  • IRS adjusted its levy collection practices in response to COVID-19
  • New York and California advise on unpaid internships
  • DOL provides guidance or the two-factor test for joint employment
  • Special salary levels apply to white-collar exemptions for workers in U.S. territories
  • New DOL rule on independent contractor status
  • New DOL opinion letter on tracking time for teleworkers
  • Special minimum wage applies for workers on federal contracts
  • New DOL rule on tip pools
  • Proper method for disposal of records under FACTA
Volumes