7 Payroll Pitfalls
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1 2 3 4 5 6 7 iNFOGRAPHIC 100% W-4 Single 20 Days FICA Benefits When employees leave your company, their last paycheck is usually due before the next pay period, sometimes even if it is a voluntary resignation. You may have to payout unused vacation, whether you like it or not. The Final Paycheck Making unauthorized deductions from pay The simple rule is that only two types of deductions are authorized: those required by law (e.g., FICA, taxes) and those authorized by the employee in writing (e.g., benefit contributions). Misunderstanding the ordering rules for garnishments Garnishments come in all shapes and sizes. Ordering rules and deduction limits exist for those as well as child support orders and tax levies. Issuing final pay in an untimely manner It starts with Form 941, but does not end there. You have other quarterly and annual reports to the IRS, along with filing W-2s with the Social Security Administration. Incorrectly handling employees W-4s They are required of all employees. The default position is single with zero allowances. Failing to comply with new hire reporting All employers must report new hires to a State Directory of New Hires within 20 days of hire (or sooner in some states). Forgetting the Golden Rule of Payroll For employees, 100% of mistakes are not easily forgiven, rarely forgotten, never ignored. © 2013 Infinisource for more info. for more info. for more info. for more info. for more info. for more info. for more info.
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Transcript of 7 Payroll Pitfalls
1 2 3
4 5 6
7
iNFOGRAPHIC
100%
W-4
Single 20 Days
FICA Benefits
When employees leave your company, their last paycheck is usually due before the next pay period, sometimes even if it is a voluntary resignation. You may have to payout unused vacation, whether you like it or not.
The Final Paycheck
Making unauthorized deductions from pay The simple rule is that only two types of deductions are authorized: those required by law (e.g., FICA, taxes) and those authorized by the employee in writing (e.g., benefit contributions).
Misunderstanding the ordering rules for garnishments Garnishments come in all shapes and sizes. Ordering rules and deduction limits exist for those as well as child support orders and tax levies.
Issuing final pay in an untimely manner It starts with Form 941, but does not end there. You have other quarterly and annual reports to the IRS, along with filing W-2s with the Social Security Administration.
Incorrectly handling employees W-4sThey are required of all employees. The default position is single with zero allowances.
Failing to comply with new hire reporting All employers must report new hires to a State Directory of New Hires within 20 days of hire (or sooner in some states).
Forgetting theGolden Rule of Payroll For employees, 100% of mistakes are not easily forgiven, rarely forgotten, never ignored.
© 2013 Infinisource
for more info.
for more info. for more info.
for more info.
for more info.
for more info.
for more info.
