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Every business must retain certain records on their current and past employees but the time is respective to the department you are looking at. A great article can be found here:

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โˆ™ 2008-03-27 21:13:01
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Q: Why is an individual payroll record kept for each employee?
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Related questions

What services are offered by the company 'Payroll Systems LLC'?

Payroll Systems LLC offer a payroll service to small and medium companies. They will offer an automated service that will take care of salary payments, wage deductions and provide an individual record for each employee.

What is payroll cycle?

A payroll cycle is the length of time that is between each payroll. It is the period of time that an employee is paid for in one paycheck.

What are the functional and non functional requirements of a payroll system?

The functional requirements of a payroll system describe what the payroll system is the salary computed for each employee automatically. The non functional requirement of the payroll system would be the response time for calculations.

How to make pay roll?

You might make payroll by first purchasing a payroll program. Then, enter all of the information required for each employee. You will then need enough money in your account to pay each person.

How do you do employee payroll for small to medium businesses?

Payroll is the total amount of money paid to employees by a business over a set amount of time. In order to do payroll for small to medium businesses you must first determine a pay period. This can be daily, weekly, biweekly, or monthly. Then develop internal payroll forms such as sick leave requests, vacation time, etc. You must order IRS forms and publications. You can purchase software specific to the type of business for payroll accounting. Open a payroll bank account to help with record keeping and to track payroll taxes. Order payroll checks. Give each employee a W-9. You then input the employee's data in the accounting software. Determine the payroll taxes. At the time of pay schedule, checks can be printed and distributed.

Is the payroll information for a pay period is found in the payroll register?

Yes, all information for hourly employees is in the payroll register. Includes each employee's gross earnings, employee with-holding taxes, net pay, taxable earning, cumulative earning, and the accounts to be charged for the salary and wage expense for that pay period.

What are the main kind of information contained in a payroll register?

Payroll registers keep record of all payroll information for individual employee salaries and wages as well as total payroll for the company. Registers keep track of both federal and state taxes from a pay period for each employee as well as any other deductions and with holdings. Registers can be compiled for single or multiple pay periods and can help companies assess costs associated with salaries, benefits and pay over a certain amount of time. They are created as a table or spreadsheet with several columns containing all pertinent pay information. This usually includes employee name, total hours, overtime, sick time, gross pay, benefits deductions, taxes, union dues and net pay.

How do you draw a Flowchart to calculate the payroll of each employee for one pay period?

There is an organized plan and flowchart at the related link below.

What is there in a record?

Think of a record as a single instance of a bunch of related data. For example, in a file of employee data, a single record would contain information about a particular employee such as their name, home address, work and home phone number, annual salary, start date, etc. Each of this pieces of individual data that make up the record are usually referred to as fields or elements.

How many days does a company have to get a payroll check to its employee?

On the IRS site, they say that each pay date is called "constructive receipt" date. Every employee must be paid by this date.

Meaning of computerized payroll system?

Computerized payroll accounting systems allow you to process all your normal payroll tasks via a computerized system, rather than by hand. Essentials like name, address, Social Security number and withholding rate for each employee are automatically filled in for every pay period until you make an employee's record inactive. Many different vendors offer computerized payroll systems. Like different word processors or other computer programs, they largely offer the same types of features with slightly different interfaces.

What does a strong team bond provide to each individual player?

A strong team bond can improve communication and motivate each individual employee.

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