Payroll accountant’s checklist for December:
- Suggest clients double check employees’ pretax deductions, coding for Form W-2, Box 12 and year-to-date amounts.
- Remind clients to have employees submit a new Form W-4 if their family status changed, or they claimed an exemption from income tax withholding in the current year.
- Cut manual checks for employees separated from the company between the last payroll of the current year and the first payroll of the next year.
- Perform a final review of the general ledger for “hidden” wages, notable noncash fringe benefits.
- Input the new Social Security wage base, state unemployment and disability wage bases (if applicable), federal and state withholding allowances, federal and state tax rates and employees’ benefits data into the system for the first payroll of the new year.
- Perform a system backup prior to processing the first payroll of the new year.Send holiday greetings to clients.
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Tags: Payroll
