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Let year-end payroll festivities begin!

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in Office Management,Payroll Management

Instead of stuffing all your year-end duties into December, you’ll lighten the load considerably by completing some of these key tasks now.

√  Confirm year-end deadlines and final 2014 federal/state deposit dates. Reminder: The day after Thanksgiving is a regular federal deposit date; schedule the deposit ahead of time, if you need to.

  Schedule special year-end reports to/from other departments and bonus payrolls.

  Inform IT of any special year-end needs.

  Review state unemployment rate notices and input the appropriate data into the payroll system.

  Update W-2 software and run samples on plain paper; shred samples before tossing them.

 Check your Social Security Administration (SSA) Website password; passwords expire every 90 days, so you may need to create a new one.

  Check with exempts regarding their reporting of accrued time off through November, and whether they’re planning to take time off next month.

  Send memos to employees showing 2015 paydays, the new Social Security taxable wage base, 401(k) pretax limit and state unemployment/disability wage bases, if applicable.

  Review posting descriptions on non-recurring journal entries.

  Post employees’ benefits/payroll adjustment data. Include: relocation allowances, educational assistance, group-term life insurance, third-party paid sick pay and manual and void checks.

  Document gross-to-net calculations for manual checks; ensure that manual checks and voids are entered properly; review the general ledger accounts.

  Reconcile the tax register; also reconcile bank accounts through November and ask your bank to prepare an early cut-off statement for December.

  Head off last year’s problems for this year. Consider: Was the mailroom notified of the volume of out-going mail when W-2s were mailed? Was there enough postage in the postage machine?

  Email 2014 black-and-white substitute W-2 (Copy A) and W-3 forms to the SSA for approval: copy.a.forms@ssa.gov.

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