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End of Payroll Year Guide 2018 How to use your software to guide your business through the end of payroll year periodNeed some help? Visit help.myob.com, or find answers, ask questions, and share

How to fill out closing a payroll year

How to fill out closing a payroll year

1. To fill out closing a payroll year, follow these steps:
2. Review all employee records to ensure that all necessary information is accurate and up to date, including personal details, employment contracts, and salary information.
3. Calculate and verify all employee wages and deductions for the entire year, including bonuses, overtime, leave days, and taxes.
4. Create and distribute the required tax forms, such as W-2 forms, to all employees and relevant government agencies.
5. Ensure that all payroll taxes, including Social Security and Medicare contributions, have been accurately calculated and paid.
6. Reconcile payroll records with general ledger accounts to ensure accuracy and identify any discrepancies.
7. Prepare and submit any necessary year-end reports to the appropriate government agencies, such as annual summaries of earnings and tax withholdings.
8. Close the payroll year in your payroll software or system by generating the necessary reports and ensuring that all data is properly archived for future reference.
9. Conduct a final review of the payroll year-end process to ensure compliance with all legal and regulatory requirements.
10. Keep copies of all relevant payroll records, reports, and tax filings for the required retention period.
11. Consult with a payroll specialist or accountant if you have any specific questions or concerns during the year-end closing process.

Who needs closing a payroll year?

1. Closing a payroll year is necessary for any organization or business that has employees and is required to maintain accurate payroll records and comply with tax laws and regulations.
2. This includes businesses of all sizes, from small startups to large corporations, as well as non-profit organizations and government entities.
3. Closing the payroll year helps ensure that accurate employee wages and tax withholdings are reported and that all necessary documentation is prepared and submitted to the appropriate authorities.
4. It also allows for the reconciliation of payroll records and the identification and resolution of any issues or discrepancies that may arise during the year-end process.

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What is closing a payroll year?

Closing a payroll year is the process of finalizing all payroll related activities for a specific year, including reconciling payroll accounts, submitting final reports, and preparing for the new year.

Who is required to file closing a payroll year?

Employers and businesses who have employees on payroll are required to file closing a payroll year.

How to fill out closing a payroll year?

To fill out closing a payroll year, employers need to reconcile payroll accounts, submit final payroll reports, prepare W-2 forms for employees, and ensure compliance with tax regulations.

What is the purpose of closing a payroll year?

The purpose of closing a payroll year is to accurately report all payroll expenses, taxes, and wages for the year to ensure compliance with tax laws and regulations.

What information must be reported on closing a payroll year?

Information that must be reported on closing a payroll year includes total wages paid to employees, payroll taxes withheld, employee benefits, and any other relevant payroll information.