Essentials of Taxing and Reporting Insurance Benefits in 2014 and Beyond

Instructor: Vicki M. Lambert
Product ID: 703350
  • Duration: 90 Min

recorded version

1x Person - Unlimited viewing for 6 Months
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Training CD

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Read Frequently Asked Questions

This webinar will explain in detail the reporting requirements under the Affordable Health Care Act, calculating group term life insurance and tax ramifications of third party sick pay. Attendees will gain an understanding of the different types of health plans outside of the typical group health insurance and how each must be handled and reported on Form W-2.

Course "Essentials of Taxing and Reporting Insurance Benefits in 2014 and Beyond" has been pre-approved by HRCI as eligible for 1.5 credits towards a participant's recertification upon full completion.
“The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program”.

Why Should You Attend:

A lot of attention was paid last year and again this year to benefits offered under the Affordable Health Care Act (ACA). And although 2012 was the first time payroll had to report the value of health insurance benefits on the Form W-2, it is not the first time an insurance benefit has had to be reported by payroll. In recent years, payroll has been required to determine taxation and reporting requirements for health insurance programs such as Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs) and Medical Savings Accounts (MSAs).

This webinar will focus on the following topics:

  • Basics of handling insurance in the payroll department including reviewing the requirements under the ACA for the 2014 reporting of health insurance.
  • How to handle other types of health insurance plans such as HSAs or HRAs.
  • Taxing and reporting life insurance, from simple group term life insurance to whole or split life insurance.
  • Basics of third party sick pay to ensure that it is properly reported for this year.
  • Role payroll plays in workers’ compensation pay-outs and premium payments.
  • How to determine the taxation for federal income, Social Security tax, Medicare taxes and the additional Medicare taxes for various types of insurance benefits that can or may be offered by an employer as a benefit to their employees.

This is an excellent basic training webinar for those new to payroll and an excellent refresher program for the seasoned professional.

Areas Covered in the Webinar:

  • Calculating and reporting health insurance benefits for 2014
  • How to deal with the complexities of third party sick pay taxation and reporting
  • How to calculate, tax and report group term life insurance
  • Basics of taxing and reporting whole and split life insurance
  • Handling the alphabet soup of health insurance including HSAs, HRAs and MSAs
  • Essentials of workers’ compensation for payroll

Who Will Benefit:

  • Payroll Professionals
  • Human Resources
  • Accounting Personnel
  • Business Owners
  • Lawmakers
  • Attorneys, or any individual or entity that must deal with the complexities and technicalities of handling health or other types of insurance benefits within the payroll process

Instructor Profile:

Vicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a 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 as well as serving as an in-house trainer for businesses such as Sun Microsystems, Fox Studios, Disney, County of Riverside and the City of Hesperia. Ms. Lambert currently produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country.

Ms. Lambert is an adjunct faculty member at Brandman University in Southern California and is the creator of an instructor for their Practical Payroll Online program, which is approved for recertification hours by the APA.

Topic Background:

In recent years payroll has been required to determine taxation and reporting requirements for health insurance programs such as HSAs, HRAs and MSAs. Since the 1980’s payroll has had to determine the taxation and reporting of group term life insurance as well. But insurance benefits are not limited to just health or group life. Many companies offer executives other types of life insurance, how does payroll handle those benefits? What about third party sick pay? Which amounts are taxable and reportable or just reportable? Who is responsible for the Form W-2 for 2014 when third party sick pay payments are included?

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