Annual Payroll Reports

Annual payroll reports are a set of documents that must be completed to be in compliance with law.  For us accountants January brings the greatest payroll function of the year; printing the year end payroll reports. These include the W-2’s, W-3 and Form 940. They all must tie to the combined total of the quarterly 941 reports and the deposits made to the Internal Revenue Service.

Bookkeeping – Quarterly and Annual Payroll Reports (Lesson 34)

Payroll Reports

Federal and state compliance requires the filing of several different reports by certain deadlines.  In this lesson I explain the various reports, filing deadlines and best practices to comply with the law.  I'll explain the quarterly set of reports first then the respective annual requirements.

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Accrued Payroll – An Explanation

Accrued Payroll

Accrued payroll is a current liability comprised of four sections.  The first is the amount of payroll earned by staff and not yet processed or paid.  The second is the dollar value of personal time off accumulated for each employee aggregated into one number.  The third consists of payroll taxes owed to the respective governmental authorities and the final section comprises the accumulated benefits payable such as health insurance, retirement contributions, and amounts owed to third parties as deductions from the gross payroll.

The Different Forms of Compensation

The Different Forms of Compensation

There are two forms of compensation provided to employees; direct and indirect.  Direct forms of compensation have a multitude of types or methods, from salaries to bonuses.  Indirect compensation is primarily the various types of benefits and long term incentives.

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Time for Those W-2’s

W-2's

For us accountants January brings the greatest payroll function of the year; printing the year end payroll reports.  These include the W-2’s, W-3 and Form 940.  They all must tie to the combined total of the quarterly 941 reports and the deposits made to the Internal Revenue Service.

This content is for Bronze, Silver, One-Time and Contractor's Diagnostic members only.
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FUTA – An Explanation to the Federal Unemployment Tax Act

FUTA

Federal Unemployment Tax Act or FUTA for short is a part of the Internal Revenue Code and is an employer tax on wages paid to employees.  It is used to fund unemployment benefits.  The tax is paid on the first $7,000 of wages paid to every employee.  It is reported via Form 940 https://businessecon.org/resources/ .  The Form must be filed and all taxes paid by January 31, 2019.

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Year-End Preparation

W-2's

I dread January of every year. I have to spend so much time preparing the year-end payroll reports prior to the January 31 deadline. Not only must your quarterly’s and monthly’s tie together, but it has to match the general ledger at year-end.

This content is for Bronze, Silver, One-Time and Contractor's Diagnostic members only.
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