Payroll forms — also known as payroll reports — are a means of accruing and organizing accounting information about a business' employees. These reports typically include comprehensive details of payroll transactions by quarter, but may be generated for longer or shorter time periods depending on the needs of the company.
Payroll Form Content
Pertinent information included in Payroll Forms may include such data as paycheck distribution, direct deposits, bonuses paid, deductions or withholdings, holiday or sick-leave pay. Withholdings from employee payments may include employer taxes and deposits to Social Security and Medicare. These figures will typically be broken down by employee, and include overall figures showing a company's transactions over time.
Payroll Forms and Taxes
All employers must pay taxes for each person they employ, and report this information to the Internal Revenue Service. Payroll forms are specifically useful in the filing of IRS Form 941, the Employer's Quarterly Federal Tax Return. Comprehensive reports ensure timely and accurate filing for a business. These forms also find use in contractor situations, helping to guarantee correct accounting of project performance.