Employers and employees both benefit from accurately and efficiently completing advanced payroll reporting for the 2023 tax year. Use payroll reports to calculate employees’ wages, taxes, deductions, and any benefits that you provide them. Reference any payroll reports as you need them and make sure to keep them accessible. You may find reports crucial during your business’s audit. Other reasons to reference old payroll reports might be when you undergo tax preparation of government forms or address workers’ compensation claims.
Manage payroll reporting easier with Advanced Micro Solutions Payroll Software. Our add-on payroll module to our W-2/1099 Forms Filer base program allows small businesses or their accountants to enter payroll and non-employee compensation by check throughout the year. Our system processes “live” or after-the-fact payroll in all 50 states, as well as the District of Columbia and Puerto Rico.
How Do Employers Manage Advanced Payroll Reporting 2023?
File federal, state, and local government forms on a quarterly and annual basis for a business. Familiarize yourself with the required forms to submit and their purposes prior to the deadlines.
IRS Form 940 – Report your business’s annual Federal Unemployment Tax Act (FUTA) tax with Form 940. Only employers must pay FUTA tax. Do not collect or make deductions from any of your employees’ wages on behalf of FUTA tax.
IRS Form 941 – Use Form 941 to report your business’s income taxes, Social Security tax, or Medicare tax that you withheld from an employee’s paycheck. Pay your portion of the Social Security or Medicare tax with Form 941.
IRS Form 944 – Complete the Employer’s Annual Federal Tax Return for advanced payroll reporting. Use the tax form if your annual liability for Social Security, Medicare, and withheld federal income taxes amounts to $1,000 or less. File and pay these specified taxes once per year rather than each quarter.
Local and State Payroll Reports – Review the rules and regulations that your specific state has for income tax charged at the city and county level. Confirm your local government’s tax laws and deadlines. You may have some quarterly and some annual due dates. Check your business’s requirements for state payroll reporting as it relates to income and unemployment taxes. Different states possess different forms and deadlines. Many states will nevertheless expect a business to pay quarterly income and unemployment taxes.
What are the Types of Payroll Reports?
Advanced payroll reporting involves multiple types of payroll reports. Some of the reports that you will likely encounter are:
Liability Report – Run the report to view specific pay periods of employee wages and tax responsibilities. Remember that a liability report generally does not factor in payroll service charges.
Error Report – Conduct an error report to confirm that all of your current employees received a paycheck. You may also use an error report to see if your payroll team overlooked processing a regular deduction. Your payroll software may generate a separate report to indicate the error or use an asterisk.
Paid Time Off (PTO) Report – Track paid time off with advanced payroll reporting software for small businesses. Use your payroll software to determine how many more PTO hours any of your employees are eligible to utilize. A PTO report details whether multiple employees have requested time off on the same dates.
Payroll Detail/Preview – Use the payroll report to view an employee’s, department’s, or team’s compensation history from a line-by-line perspective. Identify specific discrepancies with any of the individuals or business’s respective pay stubs or transactions.
Payroll Summary – Enter a date range to view gross and net wages of any specific employee, department, or team. You or a payroll administrator may also use a payroll summary to review any tax withholdings or other deductions.
Why Do Small Businesses Choose AMS?
Our modular accounting suite of tools is customizable for advanced payroll reporting in tax year 2023 and beyond. Small businesses can benefit from our easy payer and employee setup tools. AMS Payroll is one of six optional add-on modules. The other modules are: Software Generated Forms, Forms Filer Plus, E-File, Affordable Care Act Filer, and 1042-S Filer. Utilize our variety of offered reports, including Payer/Tax Summary, Employee Detail, and Worker’s Compensation.
Importing and exporting data from a multitude of sources makes payroll management easier ahead of deadlines. Import your company data from QuickBooks, PeachTree, Excel, and Tab Delimited Text files. Send any of your data to a Tab Delimited Text file or QuickBooks General Journal. Download our free 1099-etc Demo software today to try AMS Payroll with your data.