As discussed, the key to ensuring the accuracy of payroll checks, payroll tax forms, and payments is to ensure your payroll is set up properly. To set up a payroll, you will need to gather information from your employees. Also, you will need to have certain documents and information handy to complete the employer information section.
The following table shows a summarized checklist of the information required to set up your payroll:
The following is a brief explanation of the employee information required to set up payroll:
- Hire Date: This is the official start date for an employee. This information will be used to determine benefits eligibility as well as vacation and sick pay.
- Form W-4: This is an official form issued by the Internal Revenue Service (IRS) to gather employee withholding information. You can download this form from IRS.gov and include it in your employee new hire packet.
- Salary or Hourly Rate: This is the agreed-upon...