New Employee Payroll Checklist

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New Employee Payroll Checklist:

• File Employment Application and Employee personal information (like marital status, address, etc) together. Process I-9 form with Attachments to verify an employee’s identity and prove that he is eligible to accept employment in US;
• Complete W-4 Form: it is done by an employee, so the employer can deduct the correct amount of federal income tax from paychecks. Tax withholdings to be deducted from employees’ regular and irregular compensations (wages, salary, and/or tips) depend on each employee’s personal situation, so this form W4 is completed by every new hire to let the employer know how much taxes to withhold;
• Fill in, as an employer, the W-2 Forms (at the end of the year) to report wages paid to employees annually and taxes withheld from their paychecks. It is also named “Wage and Tax statement” that is required to report to SSA and IRS information about money workers earned (wages, salary, and/or tips) and taxes deducted from their earnings;
• Quarterly complete forms 941 which are used to report to the IRS number of employees receiving paychecks, total wages paid to them during the quarter, deposit amounts, withholdings and total payroll taxes paid out during the quarter (so called “federal employment taxes” include income tax withholding, Social Security and Medicare taxes, Federal unemployment tax);
• Make adjustments and corrections to embrace employee sick pay, tips, group-term life insurance, severance pay, voluntary deductions (such as retirement and health benefits), life and disability insurance, charitable contributions, parking fees, union dues and loan repayment;
• Manage employee timesheets: ensure adequate keeping and submitting of the time cards/timesheets, ongoing time computations (to make sure hourly workers are paid according to hours they worked in the current pay cycle), calculating regular and overtime hours, and printing time sheet registers when necessary to verify them;
• Account the employee financial records to control employee earnings, withholding, deductions, bonuses, pay for time not worked (holidays, vacations, sick time, etc.) and other items on employee paychecks;
• Organize payroll processing which includes the following options:
  • using special accounting software to complete payroll processing yourself;
  • hiring a professional bookkeeper;
  • or engaging an external payroll service (a financial consulting company);
• Prepare paychecks.....

Order 750 checklists in MS Word and PDF printable format at $49.99 USD only.

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