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How do I perform year-end payroll processing?

Performing year-end payroll processing correctly is essential for closing the books on the current year and preparing for the new year's payroll requirements.

  1. Review all payroll records for accuracy, ensuring that all employee information and payroll transactions are up to date and correct.
  2. Process any adjustments needed for bonuses, corrections, or other year-end adjustments.
  3. Generate year-end payroll reports, including W-2s for employees and other necessary tax documents.
  4. Distribute these documents to employees and file any necessary reports with government agencies before the deadlines.
  5. Update payroll settings for the coming year, including any changes to tax rates, benefit contributions, or salary adjustments.