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Mastering Payroll Compliance: The Top 10 Mistakes that Cost Employers Money

Blue Paper

As an employer you should be mindful of payroll compliance and legislation, which can help avoid hefty fines from government agencies. Download this free white paper to learn the most common payroll errors and how to avoid them.

  1. Tax Agency Requirements-Learn the importance of and how to obtain a Federal Employer Identification Number and State Identification Number to avoid costly penalties.
  2. Social Security- The responsibility for paying the social security tax is split between the employer and employee. See why it is important to stay up to date on the social security payroll tax rate to include accurate information on Forms W-2.
  3. Garnishments and Child Support- Employers must know the proper ways to record wage garnishments, and federal and state new-hire requirements on child support.
  4. Third-Party Sick Pay- What is 3rd party sick pay and why it is taxable to employers?
  5. Fringe Benefits-What are fringe benefits and how are they taxed? Learn how to properly identify and report all taxable fringe benefits.
  6. Employee versus 1099 Contractor-How to classify workers as independent contractors or employees - see why classifying your workers the proper way can save you time and money.
  7. Exempt versus Non Exempt- See how a mistake in classifying your exempt versus non exempt employees can trigger a full wage and hour audit. Learn the FLSA guidelines for exempt versus non exempt employees.
  8. Overtime Rules- Why employers must comply with FLSA overtime pay requirements, in addition to any applicable state laws or regulations.
  9. Group Term Life- How to calculate Group Term Life Insurance Coverage over $50,000.
  10. Payroll Tax Deposits-Learn how to avoid IRS penalties for late filing of payroll tax deposits.
This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.
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