Question

act19
In payroll proceedings
Create a pay period to-do checklist
Create an end of month to-do checklist

Create an end of quarter to-do checklist

Create an end of financial year to-do checklist

Answer 1

Pay period to do checklist:-

1) Check names of all the employees is on the payroll sheet.

2) Check attendance of the employees.

3) Check the salary details of the employees.

4) Check addition of any new employee or termination of any old employee.

End of a month to do checklist:-

1) Check the total salary paid to employees.

2) Check if any details are to be submitted to the regulators.

3) Check of any employee has opted for 401K plan, if their salary has been deposited in their 401K accounts.

End of a quarter to do checklist:-

1) Check if any details or forms are to be submitted to the regulators.

2) Check the total wages paid to employees during the quarter.

3) Make budgets regarding the payroll for next quarters.

End of financial year to do checklist:-

1) Confirm identifying information for all employees. This includes each employee’s full legal name, Social Security number, and current address of residence.

2) Make sure all paychecks from the year are correctly recorded.

3) Verify that employee wages, benefits, deductions are correct.

4) Check your tax rates for federal, state, and local taxes.

5) Check the rates for FICA, FUTA, SUTA, Local tax etc.