Your SlideShare is downloading. ×

7 Payroll Pitfalls

129
views

Published on

Published in: Business

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
129
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. 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.

×