Salary and Payroll Forms

Which Most Important Salary Forms Do You Need?

If you deal with job salary in the payroll department, there are some essential forms you need for properly handling the compensation of salaried and exempt employees. The following overview describes the uses of the most essential salary documents:

Salary verification - When a lender or landlord makes a request for salary verification, a signed wage authorization and release should be obtained from the employee before the verification form is released to the requesting party.

Salary exception - When a request for an amount higher than the average salary payment is made, such as when recruiting highly qualified candidates, or a bonus or incentive pay is given, this form is often used. If the amount being offered to an employee is above the annual salary authorized for the position, some employers may require this form to be submitted and approved.

Expense account - A salaried employee often has an expense account and must submit this form for accounting and/or reimbursement of expenses such as meals, travel costs, and mileage.

Salary advance - A salary advance is essentially a loan to be taken out of future salary wages. A salary advance request needs to meet the employer's criteria for approval. Documentation of the request, approval, minimum salary deduction, and repayment is crucial. Otherwise, if an employee quits, the sum advanced may also disappear.

W-2 - This is a standard tax form used to report wages and deductions from wages and salaries to the IRS. The employer must meet established deadlines for filing the W-2 with the IRS and providing a copy to the employee. A W-2C is used to report corrections to a previously filed W-2 form. In 2012, the deadline for employers to file a paper copy W-2 with the IRS is February 29th and the employee's copy must be delivered by January 31st of 2013.

Salary increase - An employee seeking a raise may be required to submit a form for approval. There are forms that allow an employer to use a salary calculator to determine if the company can afford to give an increase in salary. Even a cost of living increase may need to be approved through a board resolution.

US Legal Forms offers a wide variety of professionally drafted, affordable forms to meet your payroll department needs. We have a vast selection of forms for a salaried employee, including salary verification, board resolutions, salary review and increase forms, and much more. In addition, we have hundreds of forms for personnel records, whether you're dealing with minimum wage, hourly employment, independent contractors, or executive and exempt employees.

Top Questions about Salary And Payroll Forms

  • What 2 tax forms do you need if your employee is going through payroll?

    If your employee is going through payroll, you will typically need Form 941 and Form W-4. Form 941 reports the taxes withheld from employees’ paychecks, while Form W-4 enables employees to communicate their withholding preferences. By using comprehensive Salary and Payroll Forms, you can simplify your payroll processing, and US Legal Forms can provide you the necessary resources.

  • Can I complete form w 4V online?

    Yes, you can complete Form W-4V, the Voluntary Withholding Request, online. This form allows employees to request federal income tax withholding from their payments. Utilizing platforms like US Legal Forms can streamline this process, enabling you to handle Salary and Payroll Forms with ease and efficiency.

  • Do I have to file a 940 annual return?

    Yes, if your business is subject to FUTA taxes, you must file Form 940 annually. This form summarizes your federal unemployment tax obligations for the year. To navigate these Salary and Payroll Forms easily, consider leveraging US Legal Forms to assist with your filing and compliance needs.

  • Is form 941 mandatory?

    Form 941 is mandatory for most employers who withhold income taxes, Social Security, or Medicare from employees’ wages. This important Salary and Payroll Form helps report taxes withheld each quarter. Since compliance is key to avoiding fines, consider using platforms like US Legal Forms to stay organized.

  • Do you file both 941 and 944?

    Typically, businesses will file either Form 941 or Form 944, but not both. Form 944 is designed for small employers with an annual payroll tax liability of $1,000 or less. Double-checking your criteria can ensure you select the right Salary and Payroll Forms for your situation, and US Legal Forms can assist you in making this determination.

  • Do I have to file FUTA quarterly?

    No, you do not file the Federal Unemployment Tax Act (FUTA) tax forms quarterly. Instead, you complete Form 940 annually, which summarizes your FUTA tax obligations for the year. It's essential to stay compliant with these Salary and Payroll Forms to avoid penalties, and resources like US Legal Forms can guide you through the necessary steps.

  • Do I have to file both 940 and 941?

    Yes, you may need to file both Forms 940 and 941 depending on your payroll obligations. Form 940 is the Employer's Annual Federal Unemployment (FUTA) Tax Return, while Form 941 is the Employer's Quarterly Federal Tax Return. These Salary and Payroll Forms help ensure that you meet your federal tax responsibilities accurately and timely. Utilizing platforms like US Legal Forms can simplify this process for you.