Plan a Successful Payroll Year-End

Author: Rena Pirsos, XpertHR Legal Editor

Key Points

  • All employers are responsible for closing out every year's payroll in compliance with all federal and state income and employment tax and benefit laws and regulations.
  • Every year, employers must monitor changes in the values they use to calculate the amount to withhold from employees' wage, fringe benefit and other payments due to new legislation and inflation adjustments.
  • Establishing and following good payroll practices and procedures all year long to make the job of administering an employer's payroll easier and more organized is essential to ensuring a successful year-end that is free of noncompliance penalties and fines.

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