Payroll and Tax Compliance Checklist HR
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 |
