• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

You: Payroll’s elf on a shelf

by on
in Office Management,Payroll Management

Since you don’t have an elf to take care of all the December year-end payroll details, you have to do it yourself. Here’s help getting started.

  √ Distribute 2014 W-4s. Employees whose family status changed, and those who claimed an exemption from income tax withholding in 2013, must file new forms; everyone else may refile.

  √ Notify managers of the cutoff dates for the last 2013 payroll and the first 2014 payroll.

  √ Let employees know whether you will charge a fee for issuing replacement W-2s.

  √ Inform your service bureau of your W-2 schedule and changes for 2014, including employees’ benefits deductions and new W-4s.

  √ Use the 2014 withholding rates for checks that are mailed to employees late in the month, but that won’t be received until January.

  √ Notify employees by the end of January if you haven’t withheld on their personal use of company cars, or are using the special accounting rule to value noncash fringes.

  √ Reset employees’ calendar-year benefits balances for 2014. Include: 401(k) pretax contributions, and allocations for paid time off, cafeteria plans and flexible spending accounts.

  √ Process special December payroll entries—impute the tax for group-term life insurance over $50,000, personal use of company cars, interest on compensation-related loans of at least $10,000 with below-market interest rates and 2% S corporation owners’ medical insurance.

  √ Conduct a final review of the general ledger for “hidden” wages, notably noncash fringes.

  √ Reconcile fourth-quarter taxes before the final tax payment is due to ensure timely corrections.

  √ Run payroll adjustments for year-to-date corrections and void/manual checks.

  √ Archive 2013 data before processing the first 2014 payroll. Ensure the Social Security wage base, state unemployment and disability wage bases (if applicable), federal/state withholding allowances and tax rates and employees’ benefits data are input into the system.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/37154/you-payrolls-elf-on-a-shelf "

{ 1 comment… read it below or add one }

Elfie December 5, 2013 at 12:42 am

Want to see some REAL NAUGHTY ELF ON THE SHELF. Visit our website at http://elfontheshelfafterdark.blogspot.com/


Leave a Comment