Here's a quick year-end Payroll Processing Check List that may come in handy. Whether using Sage 300 Payroll, or not, these tips can help you to reduce the chance of errors, or amendments.
Year End Payroll Checklist
Before Last Payroll of 2014
- Confirm all employee names, addresses and Social Security Numbers (SSN) are correct.
- Check all tax identification numbers for accuracy. If you do your own payroll, these can be obtained from your third quarter tax packages.
- Validate that all manual checks are processed.
- Confirm all year-end adjustments have been processed including including: manual checks and fringes such as third-party disability payments, group term life insurance, nonstatutory stock options, etc
- Familiarize yourself with all applicable tax filing requirements.
- Validate your payroll totals in a timely manner prior to submission.
- Check for excess contributions to qualified plans (401(k); 403(b), and SIMPLE plans). This is especially important for highly compensated employees.
Before First Payroll of 2015
- Direct employees to complete a new Form W-4 if their taxing situation has changed or if they are claiming exempt from federal withholding in 2015.
- Verify your 2015 unemployment tax rate.
- Make any necessary changes to employee deductions for medical, dental, 401(k), life insurance, etc. Verify that any extra taxing or blocked taxes that are no longer desired have been removed.
- Verify that any extra taxing or blocked taxes that are no longer desired have been removed.
Contact us with your specific questions or if you request assistance.