Payroll Records: These records are required to be kept on every employee. Records generally include exemptions, regular hourly rate, overtime rate, regular hours, overtime hours, and total wages paid.
Department Summaries: These documents help a company’s departments and teams work more efficiently and achieve their goals. The summaries include bulletpoints such as: Key Activity Statement, Purpose and Goals, Customer and Supplier Review, Time and Skills Analysis, and Action Plan.
Tax Liabilities and Deposits: Defining tax liabilities and deposits are calculated using appropriate tax rates and the events for which they are applied. Making sure your tax obligations are accounted for can help you avoid problems in the future.
Earnings Statements: These statements explain any changes in a company’s retained earnings over a reporting period. Profits, losses, paid dividends, and any other items affecting earnings are reported. Retained earnings count as the equity portion of a company’s balance sheet.
Ending Retained Earnings = Beginning Retained Earnings – Dividends Paid + Net Income.
Payroll Worksheets: Typically, these worksheets are designed as spreadsheets that can help you calculate Federal Income Tax 941 payments based on your weekly payroll totals.