Setting Up Payroll

Identify the company's payroll schedule.

Determine employee classification.

Set up payroll tax accounts.

Define payment methods for employees.

Prepare for new hires and terminations.

Calculate gross wages.

Subtract all necessary deductions.

Compute payroll taxes.

Verify all payroll calculations.

Record payroll expenses in the accounting system.

Process employee paychecks.

Distribute pay statements.

Ensure all employee data is updated.

Prepare direct deposit or checks as per payment method.

Store payroll documents safely.

Prepare necessary payroll tax reports.

Submit payroll taxes to government agencies.

File annual W-2 forms with the Social Security Administration.

Ensure payroll tax compliance.

Keep record of payroll tax payments.

Prepare payroll summary reports.

Create reports for individual departments.

Prepare reports for senior management.

Analyze payroll expenses.

Generate year-end reports for auditing.