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What is payroll management system?

Updated: 10/19/2022
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14y ago

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The administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions

An employer, regardless of the number of workers they employ, must maintain all records pertaining to payroll taxes (income tax withholding, Social Security and federal unemployment tax) for at least four years after the tax becomes due or is paid, whichever is later. Altogether, 20 different kinds of employment records must be kept just to satisfy federal requirements.

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