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> Payroll Processing
Payroll Processing
Gather Employee Information
Obtain updated employee contact information
Verify social security numbers and tax withholding forms
Collect hours worked and any overtime information
Calculate Wages
Determine regular pay rate for each employee
Calculate any overtime pay
Factor in any bonuses or commissions
Verify Deductions
Calculate federal, state, and local income taxes
Deduct Social Security and Medicare contributions
Include any voluntary deductions such as retirement contributions or health insurance premiums
Process Payments
Generate paychecks or set up direct deposit
Ensure accuracy of payment amounts
Distribute pay stubs to employees
Record Keeping
Keep detailed records of payroll processing for each pay period
Maintain accurate records of employee wages, deductions, and taxes
File quarterly and annual payroll tax reports
Compliance Check
Verify compliance with federal, state, and local labor laws
Ensure accurate reporting of wages and taxes to government agencies
Review and update payroll policies and procedures as needed
Review and Approval
Have a supervisor or manager review payroll processing for accuracy
Obtain approval for final payroll amounts before distribution
Make any necessary corrections or adjustments before finalizing payroll.
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