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How long does an employer have to keep Time and Payroll Records in India?
In India, employers are required to maintain time and payroll records for a minimum of three years from the date of the last entry. This requirement is mandated under various labor laws, such as the Minimum Wages Act and the Payment of Wages Act. Employers must ensure that these records are readily accessible for inspection by relevant authorities during this period. It's advisable for employers to keep these records longer if they are involved in ongoing disputes or legal proceedings.
What are the advantages and disadvantages of using a payroll service bureau against processing payroll in-house?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business. www.administaff.com
Advantages and disadvantages of payroll?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business
Why should you keep records of income tax?
You should keep records of your income tax to prove you did it correctly if questioned later.
What is the recourse for an employee that has not received a w2 statement?
If an employee has not received their W-2 statement, they should first contact their employer's payroll or human resources department to request a copy. If the employer cannot provide it or is unresponsive, the employee can reach out to the IRS for assistance by calling their toll-free number or using Form 4852 as a substitute for the W-2 when filing their tax return. It's important for the employee to keep records of their attempts to obtain the W-2 for future reference.
Uses of computer in GENERAL business?
keep sales records, keep payroll records
How long does an employer have to keep payroll records after the company has gone out of business?
Depending on how shady they are --they don't have to keep them at all. i worked for a fortune 500 company that went under ,i couldn't even get a phione number to call for references
Can an employer keep a secret black book on employee?
An employer is absolutely allowed to keep records on employees.
How long does an employer have to keep Time and Payroll Records in India?
In India, employers are required to maintain time and payroll records for a minimum of three years from the date of the last entry. This requirement is mandated under various labor laws, such as the Minimum Wages Act and the Payment of Wages Act. Employers must ensure that these records are readily accessible for inspection by relevant authorities during this period. It's advisable for employers to keep these records longer if they are involved in ongoing disputes or legal proceedings.
What are the advantages and disadvantages of using a payroll service bureau against processing payroll in-house?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business. www.administaff.com
How long must an employer keep employment records?
30 Years
Why is it necessary to have an accident record book at work?
In the UK an employer is required by law to keep an accident book - all accidents to employees should be recorded in this book. See the link below to see all the records an employer should keep when an accident at work occurs.
Advantages and disadvantages of payroll?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business
How long should an insurance broker keep records in California?
You should keep the records for a minimum of 5 years.
How long does an employer have to keep payroll records employment records and other records in India as per the India?
In India, employers are required to maintain payroll records and employment records for a minimum of five years from the end of the financial year to which they relate, as per various labor laws such as the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. Additionally, records related to wages and other employment-related documents must also be preserved for at least five years. Certain specific records, like those related to the Factories Act, may have different retention periods, so it's essential for employers to be aware of the specific requirements applicable to their industry.
Why should you keep records of income tax?
You should keep records of your income tax to prove you did it correctly if questioned later.
Can you demand a copy of your payroll?
You can request a copy of your check. However, if it goes back more than record keeping, you may have to get the numbers a different way. Most companies keep payroll records for five years.
