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Payroll Processing Checklist
Pre-Payroll Preparation
Ensure all employee time records are collected and approved
Verify that any new hires, terminations, or changes in employee status are updated in the payroll system
Confirm overtime hours and ensure compliance with labor laws
Payroll Calculation
Process the payroll using the updated and approved time records
Calculate gross wages for each employee based on time worked and pay rate
Deduct appropriate taxes and other payroll withholdings such as benefits and retirement contributions
Post-Payroll Processing
Ensure that payroll funds are transferred to the appropriate bank account
Distribute pay stubs to employees, either electronically or in paper form
Prepare and file payroll taxes with the appropriate government agencies
Record Keeping and Reporting
Maintain detailed payroll records for future reference and compliance audits
Generate payroll reports for management to review labor costs and budgeting
Archive all payroll-related documents in accordance with federal and state regulations
Payroll System Maintenance
Regularly update the payroll software with the latest tax rates and regulatory changes
Perform system backups to prevent data loss
Conduct periodic audits of the payroll system to ensure accuracy and integrity
