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 Microsoft Dynamics GP, 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 AccuWage, 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.
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