Payroll and Tax Compliance Checklist
ITEM | DESCRIPTION | STATUS |
Employee Information | Collect and maintain up-to-date employee records | Completed |
Wage and Salary Records | Maintain records of employee compensation | Completed |
Timekeeping | Accurate records of hours worked and overtime | Completed |
Payroll Processing | Timely processing of payroll with correct deductions | Completed |
Tax Withholding | Calculate and withhold federal, state, and local taxes | Completed |
FICA (Social Security) | Deduct and deposit employee and employer contributions | Completed |
Medicare | Deduct and deposit employee and employer contributions | Completed |
State Income Tax | Deduct and deposit state income taxes | Completed |
Local Income Tax | Deduct and deposit local income taxes | Completed |
Federal Tax Deposits | Ensure accurate and timely federal tax deposits | Completed |
Payroll Deductions | Handle voluntary deductions (e.g., benefits, 401(k)) | Completed |
Garnishments | Comply with court-ordered garnishments | Completed |
Payroll Reports | Generate and retain payroll reports for record-keeping | Completed |
W-2 Forms | Distribute W-2 forms to employees by January 31st | Completed |
1099 Forms | Issue 1099 forms to independent contractors | Completed |
Unemployment Insurance | Pay state unemployment insurance contributions | Completed |
Workers' Compensation | Maintain workers' compensation insurance coverage | Completed |
Record Retention | Comply with record retention requirements | Completed |
Compliance Audits | Prepare for and cooperate in tax audits | Completed |
Updates and Changes | Stay current with tax laws and make necessary changes | In Progress |
Employee Communication | Educate employees on tax-related matters | In Progress |
Documentation | Keep detailed payroll records for at least 3 years | Completed |
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