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Payroll compliance refers to the steps every employer must take to abide by the tax regulations, wage and hour rules and other applicable requirements related to payroll. Payroll compliance means adhering to all federal, state and local regulationsthat govern how employees are paid. Employers that violate any of these laws may face penalties that could negatively affect their bottom line or even put them out of business. But by learning how to navigate payroll compliance, they can help avoid tax trouble and maintain positive workforce morale. After all, the livelihood of employees and their families depends greatly on receiving secure, accurate and timely payment for their work. It is imperative that you classify the new hire correctly to prevent hassles down the line.

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As an HR Professional, I have had an opportunity to work with several benefits brokers and BBG is by far a stand out. The level of support, guidance, and assistance they provide A Payroll Compliance Checklist For Us Companies as a broker is above and beyond. Everyone at BBG is knowledgeable and their willingness to make themselves available to not only our company, but our employees is unmatched.

• If she doesn’t know the answer to a question, she «owns» it, does her due diligence and responds back to you.
• Typically, state laws require organizations to withhold income taxes for the state, report new hires, and follow minimum wage and overtime regulations.
• Other deadlines may be more unpredictable or triggered by certain events, such as when you bring on a new hire or an employee leaves the organization.
• And, if it seems like it gets harder every year, many businesses agree that it has.
• The level of support, guidance, and assistance they provide as a broker is above and beyond.

Gather payroll records if your workers’ compensation policy mirrors the calendar year. An auditor may want to review payroll records in accordance with its policy period. If your business doesn’t already do so, consider establishing a secure online portal for employees to obtain their check stubs and W-2s. This may help minimize labor and paper waste, and increase security of sensitive information. To avoid accidental misclassification, employers must make extra effort to ensure the accuracy of paperwork when hiring new people. It is also a good idea to reevaluate all employee classifications at regular intervals to ensure accuracy.

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These compliance procedures relate to the withholding of a range of different taxes from your employee’s paycheck. Compliance also requires reliable processing of payroll data which is best achieved by applying payroll performance indicators. Payroll compliance laws exist to protect employees by ensuring fair compensation and to prevent organizations from taking advantage of their workforce. Some payroll laws also help in funding essential social service programs such as unemployment benefits and Medicare.

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