This checklist ensures that all steps in the payroll processing are completed accurately and on time, including data collection, calculations, and compliance with regulations.
Gather all employee time sheets for the pay period to ensure accurate hours are recorded.
Check that all reported hours are correct and approved by supervisors.
Calculate the gross pay for each employee based on their hourly rate or salary and the hours worked.
Apply the necessary federal, state, and local taxes, as well as any other withholdings or deductions.
Generate payroll reports for management review, detailing gross pay, deductions, and net pay.
Disburse payroll payments to employees via direct deposit or checks.
Provide employees with their pay stubs, detailing their earnings and deductions.
Ensure that all payroll tax filings are completed and submitted to the appropriate authorities.
Conduct a final review of payroll to identify and correct any errors before the next cycle.