WHAT ARE THE PAYROLL REQUIREMENTS FOR EMPLOYEES?
Federal and state wage and hour laws regulate the method of payment of wages, the payment of wages when employees are terminated, deductions from employee paychecks, the withholding and payment of employment taxes, wage garnishments, record-keeping, and the maintenance of payroll records.
Employers must hold back from employee paychecks certain tax payments including federal and state income taxes and FICA.
To determine the proper withholding for federal and state income taxes, employees must complete Form W-4 and provide the employer with their Social Security number. At the end of each year, employers are required to report on a Form W-2 each employee’s earnings and the taxes withheld.
Also, employers must also have an employer identification number (EIN) for reporting and paying federal and state unemployment and payroll taxes.
David Payab, Esq. from The Law Offices of Payab & Associates can be reached @ (818) 918-5522 or by visiting http://payablaw.com/