Your Essential Year-End Payroll Checklist
Getting your year-end payroll information in order can be a daunting task, but it’s essential that you do! Here’s a handy checklist on the basics you need to know to file your annual taxes properly.
1. Review each employee’s personal information: Make sure all employee information is up-to-date, re-verify social security numbers names and addresses.
2. Ensure all employee paychecks are correctly recorded: This includes any bonuses, commissions, handwritten checks, and voided checks–anything outside normal payroll.
3. Double-check employee wages, benefits, and deductions: Be certain you have the right pay rate, benefits information, and deductions recorded for each employee.
4. Have all PTO, such as vacation and sick days, in order: Determine how much PTO each employee has left, noting any remaining days left to roll-over into the new year.
5. Health Insurance for S-Corp owners of 2% and above: If you have any company-paid health insurance for any S-Corp shareholders that own 2% or more of the company, it needs to be accurately taxed.
6. Order forms W-2 and W-3 from the IRS or other authorized provider: At the start of the year, you will send W-2s to your employees and the federal/state governments, along with W-3s to federal and state.
7. Check federal, state, and local taxes: These are typically updated annually so be sure to check them for any changes.
And so there’s some basic but essential details you need to review for the new year.
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