Execute a Successful Payroll Year-End

Key Points

  • Employers are responsible for closing out the payroll at the end of each year in compliance with all federal and state income and employment tax laws and regulations.
  • Every year, employers must monitor changes in the values they use to calculate the amount to withhold from employees' wages, fringe benefits and other payments due to new legislation and inflation adjustments.
  • Establishing and following good payroll practices and procedures throughout the year will make the job of administering an employer's payroll easier and more organized and prevent the assessment of costly noncompliance penalties and fines.

XpertHR Resources