Year End Tasks for Payroll

• Review Employee Records

Review the Employee Record for all employees that were employed during the year. Double check the accuracy of pay items, deductions, and W-2 setup.

• File Fourth Quarter 941

After all payroll has been entered for the year, run a Taxable Income Summary for the fourth quarter, and file your employer quarterly tax return (Form 941) for the fourth quarter.

• Prepare Tax Forms

After filing the fourth quarter 941, run a Taxable Income Summary for the year, and produce W-2 and W-3 forms for distribution and filing.

• Review Local Tax and Other Deductions

Looking ahead to the new year, make any needed adjustments to local taxes and other deductions prior to running the first payroll for the year. If you are enrolled in a Plan, you will receive updated state and federal tax tables automatically.

• Update Salaries and Hourly Rates

Make adjustments to salaries, wages, and allowances for the new year prior to running your first payroll for the year.

• Update Time Off Data

If time off for sick leave or vacation allowed is accrued based on the calendar year, update this information for each employee.