When you're knee-deep in the paperwork required to set up payroll records for new employees, it may be difficult to believe "pay" is derived from the Latin word "pax," meaning peace.
To help maintain your serenity, here's an overview of forms to have on hand.
- Form I-9.
Though not a tax form, the I-9 is required by law to verify your new employee's eligibility to work in the US. Keep the completed form in your files, along with copies of any documentation your payroll policies specify. - Form W-4.
The information your employee provides on this form is used to calculate the amount of income tax you'll withhold from each paycheck. Make sure Form W-4 is fully filled out and signed, and put it in your payroll file. Note: Your employee may also need to complete a state withholding allowance form.
- Form W-5.
Use this form when eligible employees choose to receive advance payments of the earned income credit. If you hire both spouses, request a separate W-5 from each. Retain the form as part of your records.
- New hire reports.
State requirements vary, but typically you'll need to submit new employee information to a designated State agency within twenty days from your employee's first day of work.
Call us with your payroll questions. We have the forms and answers to set your mind at ease.
Questions for our Financial Expert?
E-Mail us at: finance@ClevelandSeniors.Com
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