About This Course:
What Are Payroll Recordkeeping Requirements?
Payroll recordkeeping requirements are laws that dictate how long and what kind of payroll-related documents employers must maintain.
Payroll records are essential for compliance with federal, state, and local labor laws, as well as for protecting your business in case of audits, disputes, or lawsuits. Employers should note, however, that while certain rules are consistent across all states, rule for garnishments, unclaimed paychecks, and others can vary by state.
Why Take A Payroll Recordkeeping Training CourseObviously, employers want to comply with applicable laws, but beyond that, ineffective recordkeeping is a waste of time, space, and money. This course will teach you how long payroll records must be kept, the information they must contain, and how to effectively manage an electronic database.
Granted, the logistics of payroll record keeping can be daunting. At least a dozen state and federal regulatory agencies require access to your records. All have different requirements as to content and storage requirements. Electronic records are ok in some cases, paper required in others. In some instances, you have to keep the records forever.
Records come from various departments, offices, sources, etc. They vary as to content, form and source. How do you store them? How do you guarantee authenticity? How do you keep them confidential? How do you make sure they are available when you need them? Most importantly, what information should they contain?
This training session provides answers to the above questions and more.
What You'll Learn:If all this makes you want to make a big bonfire, this webinar will help you sort out these questions and more. Among other things, you will learn:
- Records will not be kept for an adequate length of time, or kept for an unnecessarily long period of time.
- Payroll Records will not contain the information required by the myriad of government agencies that can request them.
- Records will not satisfy the requirements of various regulations.
- Records will be lost altogether, or misplaced, exposing the organization to penalties and other unnecessary risks.
- Transferring from a paper based record keeping system to an electronic one - what are the risks? What does and electronic DMS have to accomplish?
- What information needs to be recorded on various HR records according to HR attorneys?
- What information can and cannot be given to 3rd parties.
- General Requirements - and overview of what the federal government requires on basic recordkeeping. Recommendations from the IRS made to small and large businesses alike.
- Requirements that satisfy both IRS AND FLSA in payroll recordkeeping. Learn the details listed in the regulations and compare with your records. Learn the difference between primary and secondary records. Exempt and Tipped Employee rules.
- Information Requirements and Retention for FLSA only.
- Information Requirements and Retention for IRS only
- Other federal acts and their requirements - Learn record information details about the I9, Union Contracts, FMLA, ADEA, ERISA, Davis Bacon Act, OSHA and Lily Ledbetter acts.
- State Requirements overview
- Summary of content by HR record type. Hiring Docs, Interviews, Background Checks, Medical Records, Personnel Files and more.
- Information on electronic data storage and archiving. How the IRS and other agencies demand access to your electronic databases. The E-sign Act and 21 CFR Pt 11 regulations. Best Practices for data integrity, accessibility, security and backup.
- How to respond to record request from employees, financial entities and more.
Top FAQs
Form 941 is used to report income taxes, Social Security tax, and Medicare taxes withheld from employee's paychecks.
In business since the mid-1990's, we have over 25 years of experience delivering high-quality training content via seminar, webinar, online, and other formats. Each of our courses are delivered by an industry expert who will share his or her years of experience to help you be in compliance, smarter, and more productive, and almost all offer SHRM and HRCI credits.
You report bonuses as wages and as social security and Medicare wages on Forms W-2 and 941
You report Medicare taxes on Form W2
Yes.
You report Social Security info on W-2, W-3, and 941
Federal and state governments impose a variety or rules, regulations, and reporting requirements, so the hardest parts of payroll recordkeeping is knowing all of the rules, then complying - on a timely basis - with them!
Payroll is much more than just handing out paychecks, and includes a variety of responsibilities such as handling garnishments, travel pay, multi-state taxation, unclaimed paychecks, and much more in a timely and accurate fashion.
The Form W2 reports an employee's annual wages and the taxes withheld.
Yes. In many cases, state laws conflict with federal laws, so be sure to check both!
Payroll Administrators must be able to:
- Properly "classify" workers
- Apply the various exemptions
- Calculate gross pay and properly make deductions
- Correctly identify, pay, and withhold taxes for employees
- Administer deferred compensation, cafeteria plan, sick pay, and other compensation
- Handle stock options, expense reimbursements, relocation, and other "expenses"
- Follow the proper policies, procedures, and documentation requirements for garnishments and levies
- Properly complete and file all required reporting requirements
- Correctly complete year-end requirements and establish year-beginning requirements
- Implement and maintain fraud, audit, disaster recovery, and record retention processes and procedures
While many payroll-related regulations are federally-governed, there also are many state requirements, including those for handling garnishment, final paychecks, and unclaimed paychecks. Each state's requirements differ in the details, so be sure to check your state's requirements by clicking the applicable link(s) at the bottom of this page.
In addition to ensuring that employees are paid correctly and on time, "Payroll" has numerous time and reporting requirements. The primary payroll areas include paychecks, reporting, operations, and management.
Completing forms accurately, knowing when and where to file, and doing so on a timely basis.
Continuing Education Credits:
Click the 'Credits' tab above for information on PHR/SPHR, PDCs, and other CE credits offered by taking this course.
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