1. Review payroll-related tasks that need to be completed by the end of the year.
This includes tasks such as processing year-end payroll adjustments, generating year-end employee paystubs, and distributing year-end W-2 forms.
2. Make sure all employee information is up-to-date.
This includes ensuring that employee contact information, addresses, and Social Security numbers are accurate.
3. Process year-end payroll adjustments.
This includes making any necessary adjustments to employee pay rates, hours worked, and deductions.
4. Generate year-end employee paystubs.
This includes generating paystubs for all employees who worked for the organization during the year.
5. Distribute year-end W-2 forms.
This includes mailing or emailing W-2 forms to all employees who worked for the organization during the year.
6. File year-end payroll tax returns.
This includes filing all required payroll tax returns, such as Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return) and Form 941 (Employer’s Quarterly Federal Tax Return).
7. Process year-end employee terminations.
This includes terminating the employment of any employees who have left the organization or who have been terminated during the year.
8. Complete any other year-end payroll tasks.
This may include tasks such as reconciling employee payroll records with accounting records or creating year-end reports.