![]() ![]() Verify that all payments and non-cash benefits provided to or for employees have been considered in the determination of their compensation. ![]() Gross payroll includes all payments and benefits given to your employees including: salaries, hourly pay and overtime, sick and vacation leave, allowances like vehicles and uniforms, taxable group term life insurance, any other payments like bonuses or taxable benefits unique to your employees. Step one is to validate the gross payroll amount. ![]() If filing electronically, the Form W3 will be reflected in the totals of Form W2. You will also need the quarterly Forms 941, or an annual Form 944. The wage base limit is announced annually. The data should include: total gross payroll for the year, annual totals for each employee's pretax and after-tax payroll deduction, if any employees were paid over the Social Security wage base, you will need to compute the total amount of their individual wages that exceed the wage base limit. You will need data from your payroll accounting system to complete the reconciliation. The Internal Revenue Service would like to share the benefits of completing a payroll reconciliation prior to filing your final Form 941, Employer's Quarterly Tax Return or Form 944, Employer's Annual Federal Tax Return, as well as annual Forms W-2, Wage and Tax Statements and Form W-3, the Transmittal of Wage and Tax Statements.Įmployers who reconcile payroll can avoid discrepancies by ensuring employees' wages and taxes reported to both the Internal Revenue Service, IRS, and the Social Security Administration, SSA, match.Ĭompletion of the payroll reconciliation usually results in more accurate payroll wages and taxes reported on quarterly Forms 941 or annual Form 944, fewer Forms W-2C, Corrected Wage and Tax Statements are needed, and fewer notices are received from the IRS or SSA. ![]()
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