Year-end closing is upon us and the first payroll of 2016 is right around the corner. Stoneridge Software’s HR and payroll specialist prepared a list of tips and tricks for closing out your 2015 year.
- Don’t update your tax tables until all of 2015 payroll is completed.
- Once you create your year-end wage report (which allows you to view readable W-2 forms with all of your employees' combined information) you cannot make any more adjustments to your employees' information.
- Balance 2015 prior to running any payroll in 2016. Make sure to verify 941 totals match your W-3. Any voids or reissues may throw these off.
- To see which tax changes you have installed in , go to Tools> Setup> System > Payroll Tax. There you will see the date of your last update. If the date is a December date, you have the next year’s tax tables installed. For example, a December 2013 date would mean you have the 2014 tax tables.
- Test your year-end wage file with , a free software from the SSA. The software allows you to check W-2 (Wage and Tax Statement) and W-2c (Corrected Wage and Tax Statement) reports for correctness before you send them to Social Security Administration.
Questions? We can help. .
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