Payroll Reports and Records

Payroll records are needed by every business no matter if there are one or many employees. Records are needed to show how much is earned by each employee, how much is withheld from earnings and the amount to be paid to the employee. Deposit of the Social Security, and Medicare as well as the Withholding Tax deducted from the employee’s salary must be filed on some timely bases. Records must show the payroll and the amounts withheld so they can be reported to the various agencies. As an example, the Federal Government requires filing Form-941, Form-940 and Forms W-3 and W-2. As for the State of Florida, they require the filing of Form-UTC6. In addition, records must be kept for Contract Labor, and the Government requires Forms-1099Misc and Form 1096 to be filed for non corporate laborers earning over a said amount..