The NEW 2024 DOL FINAL RULE ON OVERTIME: How to properly calculate overtime due to your workers

Mark Schwartz

Duration:
90 Minutes
Speaker:
Mark Schwartz

Recorded Version:


Refund Policy

Overview:

Although the rules on exempt vs non-exempt employees has changed a few times in the past 10 years, overtime worked is, and has always been, overtime earned. THERE ARE NO EXCEPTIONS. But 1.5 time a workers hourly rate of pay is just the start of calculating overtime earned. This course is designed as a refresher on what hours and payments are considered in calculating overtime pay.


Why you should Attend:

THE DOL issued it’s new final rule on exempt workers. The Rule increases salary thresholds for all employees who can be considered exempt from overtime. Learn exactly what the new amounts are and other information from the rule.

If your employee works more than 40 hrs in a workweek (or over 8 hrs in a day in some states) – they have earned overtime of at least 1.5 times their hourly rate of pay (HRP). Do you know all types of payments that carry an overtime premium? If not, Join Mark Schwartz in this informative webinar designed for the seasoned payroll professional to properly analyze compliance with overtime regulation, and help their CFO properly budget payroll expenses.

You will also find the answers to the following questions, and more:

1) What hours worked qualify for paid wages, and which don’t. Which qualify for overtime premiums, and which don’t.
2) What fringe benefits and supplemental payments should be counted toward the hourly rate of pay?
3) Are there any restrictions on setting work weeks?
4) How do you account for shift differentials, when an employee’s workweek changes, etc?
5) Do payments made after a regular pay day need to be applied to weeks wherein overtime was worked?
6) What states have overtime rules that are different than the minimums set by the Fair Labor Standards Act.


Agenda:

In this 90minute webinar, you will learn the following about calculating overtime accurately:

1) The basics of overtime as established in the FLSA, including:

a) An overview of exempt vs non-exempt workers
b) Definitions of overtime hours, workweek and more
c) Employers NOT covered by the FLSA

2) State definitions for hours worked, exempt employees, and more

3) Work time that is included or excluded from hours that count toward overtime, including:

a) Breaks
b) Time away from the office
c) Travel
d) Pre and Post shift work
e) Training

4) What qualifies as a work week, and what doesn’t.

5) How to calculate overtime due with shift differentials work week changes.

6) What payments count toward the “regular rate of pay.”

7) How to calculate regular rate of pay in unusual circumstances

8) How to take into account pay that happens outside the normal payday for weeks worked overtime.

AND MUCH MORE, INCLUDING NUMERICAL EXAMPLES.

Who Will Benefit:

Budgeting Personnel
Payroll Personnel and Management
HR Managers
Department Managers and Budget Personnel
Timekeepers
Financial Department Personnel.

Recorded Version:


Refund Policy

Instructor:

Mark Schwartz

Speaker

Mark Schwartz is an employment tax specialist with over 25 years as a payroll tax collector, payroll tax auditor, and payroll tax consultant. He is also a current payroll processor and advisor to clients on a multitude of payroll and hr related issues. Mark's expertise is in the IRS payroll tax field. He understands completely the multitude of problems and confusion of Federal payroll tax matters. He helps all clients in understanding exactly what matters to their business. He helps them navigate the electronic compliance waters - steering their boats to the appropriate ports and even assisting where he can.