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Payroll reports provide valuable workforce insights, which help employers better understand and control labor costs. They’re also useful during audits or when preparing tax forms for government agencies. What is a payroll report?A payroll report is a document that employers use to verify their tax liabilities or cross-check financial data. It may include such information as pay rates, hours worked, overtime accrued, taxes withheld from wages, employer tax contributions, vacation balances and more. What are some types of payroll reports?Payroll reports go by many names, depending upon the payroll provider and any customizations made to meet an employer’s individual reporting needs. Some of the more common types include:
How to use payroll reports to run error-free payrollPreventing payroll errors instead of trying to fix an incorrect paycheck or tax deduction saves time and money. With payroll software, employers can rely on built-in machine learning or create their own static rules that will flag areas that need attention. They also can run any of the following reports to help find inconsistencies in their data before they run payroll:
What payroll reports do employers need to file?Businesses generally aren’t required to submit payroll reports to a third party unless they are being audited by the IRS, a workers’ compensation carrier or a state agency. They do, however, have to file some quarterly and annual forms with federal, state and local governments. Payroll reports can help ensure that the information on these forms is accurate. Examples include:
Frequently asked questions about payroll reportsHow do I generate a payroll report? The method for creating payroll reports is largely contingent on the type of payroll software being used. In some cases, the basic steps are:
What is a payroll summary report?Payroll summary reports provide a snapshot of a business’s payroll obligations during a specific time frame. For each employee, it includes details on wage earnings, tax withholdings, benefit deductions and taxes owed by the employer. What is a pay statement?Pay statements or wage statements are documents provided to employees to help them understand their compensation for the current pay period and the year to date. It also typically notes hours worked and all payroll deductions for taxes, benefits, garnishments, etc. Pay statements are heavily regulated at the state and local levels and employers should review them against the applicable state and/or local requirements regularly to confirm compliance and to avoid the potential for significant financial risk. What payroll reports are due annually?Although payroll reports are typically only presented to government agencies during audits, they may prove helpful when filing out annual tax forms, such as the following:
This guide is intended to be used as a starting point in analyzing an employer’s payroll obligations and is not a comprehensive resource of requirements. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. Tax figures provided are as of the 2021 tax year. Get exclusive business insights delivered straight to your inbox. Subscribe Now Which of the following are included in the employer's payroll taxes quizlet?Payroll taxes only include social security taxes and federal unemployment and state unemployment taxes.
What is the primary purpose of a labor report quizlet?What is the primary purpose of a labor report? (It depicts the ideal distribution of labor in a firm.) (It designates where labor is used in a firm.)
What type of information is needed from an employee in order for the employer to withhold the correct amount of income tax from her paycheck quizlet?A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck.
Where are the payroll reports located quizlet?All the payroll information needed to prepare a payroll and tax reports is found on: Earnings total column, each deduction column, and the Net Pay Column.
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