What basic payroll and employment records must be maintained?
Maintaining the following information in your employee master file will meet IRS and FLSA requirements:
- The employee's name, as it appears on their social security card, and date of employment
- The employee's complete address
- Date of birth, if the emplyee is under 19 years of age
- Payment date and the starting and ending dates of the pay period
- The employee's workweek (start and finish times of the workweek and days worked)
- Number of hours worked each workday and each workweek
- Regular rate of pay for weeks when overtime was worked and the basis for setermining the rate and any records of any payments excluded from the overtime rate
- All additions (i.e. bonus) and deductions (i.e. insurance or garnishments) per pay period
- Earnings for straight and overtime
- Total wages paid for each pay period, including withholding, FICA, and FUTA taxes paid
- The employee's gender and occupation
- Copies of Forms W-2, W-4, W-4S, W-4P, and W-5
- Check sor statements of direct deposit
- Substantiation of fringe benefits and authorizations
- Substantiation of and authorization for any reimbursements of or deductions from the emplyee's wages, such as garnishments and wage assignments
- Dates of absence and records of sick pay