161x Filetype PPTX File size 0.77 MB Source: www.mtsac.edu
Payroll Timeline Fair Labor Age Standards Discrimination in Employment Act Equal Pay Act FLSA Act ADEA 1935 1938 1943 1963 1964 1967 Federal Insurance Current Tax Civil Rights Contributions Act Payment Act Act FICA 1965 Amendment Payroll Timeline (continued) Migrant and Americans Seasonal with Agricultural Disabilities Affordable Worker Act Care Act Protection Act ADA ACA 1974 1983 1986 1990 1993 2010 Employee Immigration Family and Retirement Reform and Medical Income Control Act Leave Act Security Act IRCA FMLA ERISA COVID-19 Related Families First Coronavirus Response Act Coronavirus Aid, Relief, and Economic (FFCRA) Security (CARES) Act th th March 18 , 2020 March 27 , 2020 • 2 weeks/80 hours paid sick leave • Workers & Families $1,200 adult / $500 child • 2 weeks/80 hours 2/3rds pay sick leave • Small Business Paycheck Protection Program & • Up to an additional 10 weeks paid expanded family Economic Injury Disaster Loans and medical leave 2/3rds pay to care for child • Job Preservation Employee Retention Credit • State, Local, & Tribal Government Public Health Expense Coverage • Federal Pandemic Unemployment Compensation Program (FPUC) Additional $600 unemployment COVID-19 Related Paycheck Protection Program Flexibility Act Presidential Memorandum Deferring Payroll Tax th June 5 , 2020 August 8th, 2020 • PPP Loan application date extended • Extended time from 8 weeks to 24 weeks for spend • Employees making $4,000 or less bi-weekly loan proceeds (not beyond 12/31/20) • Employee Social Security tax deferral • Mandatory payroll spending reduced to 60% instead • Repayment due between Jan 1 and Apr 30, 2021 of 75% • Instructs the Treasury Secretary to explore options to • Loan payoff extended from 2 to 5 years “eliminate the obligation to pay the taxes deferred” • Full loan forgiveness possible • Many employers choose not to implement • Companies can now delay paying payroll taxes Expected Compensation Payroll Clerk (CSR) Payroll $35,000 - $50,000 Administrator $52,000 - $70,000 FPC, basic tasks, data entry CPP, complex tasks, reconciliations Payroll Manager Payroll Director $65,000 - $125,000 $90,000 - $150,000 CPP/CPA, HR coordination CPP/CPA, C-Suite peers
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