Payroll tax compliance is a federal and state issue, so you have to be aware of not only the changes made on the federal level, but with the legislative changes that affect payroll in each state you do business in as well.
For instance: Does your state comply with all federal regulations? Do they set their own rules? Where do they differ? Do you have access to a resource that reports changes to employment taxation to insure that you are in compliance with any year end legislation?
...and as always, this session will be interactive, so we'll be able to answer your questions on this topic throughout the presentation!
Top FAQs
You report Social Security info on W-2, W-3, and 941
Payroll is much more than just handing out paychecks, and includes a variety of responsibilities such as handling garnishments, travel pay, multi-state taxation, unclaimed paychecks, and much more in a timely and accurate fashion.
Maintaining accurate payroll records, such as hours worked, pay, and tips and tax amounts, obeying federal and state rules, and submitting required reports on a timely basis.
In addition to ensuring that employees are paid correctly and on time, "Payroll" has numerous time and reporting requirements. The primary payroll areas include paychecks, reporting, operations, and management.
Federal and state governments impose a variety or rules, regulations, and reporting requirements, so the hardest parts of payroll recordkeeping is knowing all of the rules, then complying - on a timely basis - with them!
While many payroll-related regulations are federally-governed, there also are many state requirements, including those for handling garnishment, final paychecks, and unclaimed paychecks. Each state's requirements differ in the details, so be sure to check your state's requirements by clicking the applicable link(s) at the bottom of this page.
Yes.
The Form W2 reports an employee's annual wages and the taxes withheld.
Yes. In many cases, state laws conflict with federal laws, so be sure to check both!
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Completing forms accurately, knowing when and where to file, and doing so on a timely basis.
You report Medicare taxes on Form W2
You report bonuses as wages and as social security and Medicare wages on Forms W-2 and 941
Payroll Administrators must be able to:
- Properly "classify" workers
- Apply the various exemptions
- Calculate gross pay and properly make deductions
- Correctly identify, pay, and withhold taxes for employees
- Administer deferred compensation, cafeteria plan, sick pay, and other compensation
- Handle stock options, expense reimbursements, relocation, and other "expenses"
- Follow the proper policies, procedures, and documentation requirements for garnishments and levies
- Properly complete and file all required reporting requirements
- Correctly complete year-end requirements and establish year-beginning requirements
- Implement and maintain fraud, audit, disaster recovery, and record retention processes and procedures
Time clocks, time sheets, and electronic methods are a couple ways to track hours worked.
Form 941 is used to report income taxes, Social Security tax, and Medicare taxes withheld from employee's paychecks.
