What Is Payroll Reporting?

Payroll reporting refers to the process of documenting and summarizing payroll-related information for various purposes such as taxation, compliance, and internal record-keeping.

It involves the compilation and submission of various forms, documents, and reports to government agencies, tax authorities, and internal stakeholders. Payroll reporting encompasses activities such as:

• Calculating Wages and Deductions
• Generating Payroll Records
• Preparing and Distributing Compensation
• Remitting Taxes and Contributions
• Filing Required Forms / Compliance Reporting

What Are The Major Payroll Reporting Forms

• Form W-2:
  This form reports wages, tips, bonuses, and other taxable benefits paid to employees, as well as the taxes withheld from those wages.
• Form W-3:
  This is a transmittal form that summarizes the information on all the W-2 forms that an employer submits to the Social Security Administration (SSA).
• Form 941:
  Employers use this form to report - on a quarterly basis - income taxes, Social Security tax, and Medicare tax withheld from employee's paychecks, as well as the employer's portion of Social Security and Medicare tax.
• Form 940:
  This form is used to report and pay the federal unemployment tax (FUTA) owed by employers.
• Form 1099:
  The various types of Form 1099 are used to report various types of income paid to non-employees, such as independent contractors, freelancers, and other service providers.

The Most Important Payroll Reporting Requirements

Payroll reporting requirements vary depending on factors such as the jurisdiction, the size of the business, and the nature of the workforce. However, some of the most important payroll reporting requirements typically include:

• New Hire Reporting:
  Employers are required to report information about newly hired or rehired employees to state agencies for purposes of enforcing child support orders and locating parents who owe child support.
• Accurate Employee Information:
  This includes details such as employee names, addresses, Social Security numbers or other tax identification numbers, employment status (e.g., full-time, part-time, contractor), and any withholding allowances claimed.
• Tax Withholdings:
  Employers are required to withhold federal, state, and local income taxes from employee paychecks based on the information provided by the employee on their Form W-4 or equivalent state form. These withholdings must be reported and remitted to the appropriate tax authorities.
• Social Security and Medicare Taxes:
  Employers must withhold and report Social Security and Medicare taxes (also known as FICA taxes) from employee wages. They must also contribute an equal amount of these taxes on behalf of their employees.
• Unemployment Taxes:
  Employers are required to pay unemployment taxes to fund state and federal unemployment insurance programs. This tax is calculated based on the employer's payroll and reported quarterly.
• Earnings:
  Employers must report the wages or salaries paid to employees during each pay period. This includes regular hours worked, any overtime hours, bonuses, commissions, and any other forms of compensation.
• Wage and Tax Statements:
  At the end of each calendar year, employers must provide employees with Form W-2, Wage and Tax Statement, which summarizes their total earnings and tax withholdings for the year. Employers must also file copies of Form W-2 with the Social Security Administration (SSA).
• Quarterly and Annual Tax Returns:
  Employers are typically required to file quarterly and annual payroll tax returns with the appropriate tax authorities. These returns summarize payroll data for the reporting period and reconcile tax withholdings with actual payments made.
• Recordkeeping:
  Employers must maintain accurate records of payroll information, including employee earnings, tax withholdings, and employment taxes, for a specified period of time as required by federal, state, and local laws.

It is important for employers to get trained on their payroll reporting requirements, so...

About The Payroll Reporting Training &Certification Program

The Payroll Reporting Training & Certification Program helps payroll professionals to better understand and comply with the various payroll reporting requirements.

The Program includes plain-English descriptions of the various requirements, processes, and procedures, as well as numerous examples, administrative tips, and interactive Q&A to help provide valuable insight into compliance requirements.

The Program also includes an optional test for those who wish to earn a "Certified Payroll Reporting Administrator" designation. It also qualifies for eight hours of PHR and SPHR re-certification credits!What You'll Learn:Our Paycheck Reporting training course will teach you:

• The ins and outs of the 940, W2, and other reports
• When - and how - to use the Multiple Worksite Report
• When, where, and how to file (including electronically)
• Report using alternative IRS forms
• To properly complete and file all required reporting requirements
• Correct errors - even on forms already subitted!
• How to do 'Year End' and 'Year Beginning' work

...you'll even receive 'W-2', 'Year-End', and 'Year-Beginning' checklists!

The course is sold as an annual subscription with four components: the training course itself; access to all training materials as a resource for one full year; free updates whenever the law changes, and; a Certified Administrator designation. Access to resource materials, free updates, and a new Certificate are available for subsequent years for a low renewal fee of $99 per year.

Excerpts From Our Payroll Reporting Training & Certification Program

Below are a couple of samples from our Payroll Reporting training course. These excerpts provide a quick overview of payroll requirements that someone new to payroll might not have even heard of; instructions for completing the forms, dates for submission, making changes or correcting errors, etc. are included in the course itself.

• When & Where To File
• Multiple Worksite Report
• Reconciling Forms W-2, W-3, and 941
• Year-End-Checklist

Want to see more of what is covered? Click here to see the complete list of topics covered by this course.

Program Demo: How The Payroll Reporting Training & Certification Program Works

Our Payroll Reporting Training & Certification Program includes training that meets instructional design requirements. Namely, each Lesson starts with a Lesson Goals page that outlines the key items that will be taught in that Lesson, followed by multiple pages of training, and concluding with End Of Lesson Quizzes that test against the lesson goals. Read futher for visuals and further explanations.

Lesson Goals

Each self-paced Training & Certification Program is delivered right to your desktop at the time you choose, and is loaded with information, examples, administrative tips, and interactive questions to help you understand and comply with Federally-mandated rules and regulations. You'll learn proactive design and administrative options, as well as key compliance processes and procedures to help reduce costs and health care claims, staring with a Lesson Goals page that tells you what you'll learn in that lesson.

Benefit From Great Content, Easy To Use Navigation

Each of our Training & Certification Programs includes great training content, written in non-legal terms and supported with numerous tips, examples, and procedural recommendations. "Glossary" and "Help" buttons also are included, as well as a special "Bookmark" feature so you can save your place as needed.



End Of Lesson Quiz

Lesson goals and learned content are tested through interactive questions during and at the end of each lesson. Answers to each question are provided right on that page to give you immediate feedback.


Certification

And don't forget: upon completion of the Training portion of your Program, you can test for "Certification". Certification helps provide confidence to Managers that the person handling Payroll has a good understanding of the complex requirements necessary for proper compliance.View Applicable Discounts