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Payroll audit checklist.

* Do you have instant access to your quarterly payroll reports?

Yes No Not sure

* Do you have copies of all the form 940 (federal unemployment taxes) and form 941 (federal taxes and Federal Insurance Contribution Act [FICA]) deposits you made with the federal government?

Yes No Not sure

* Do you store I-9 forms (immigration and naturalization employment eligibility) separately from payroll records?

Yes No Not sure

* Do you have a system for computing federal withholding and FICA taxes?

Yes No Not sure

* Do you properly record monies withheld for 401(k) or other deferred-compensation plans?

Yes No Not sure

* Do you have current figures available for workers' compensation funds paid out?

Yes No Not sure
COPYRIGHT 1994 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
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Publication:Journal of Accountancy
Date:Jun 1, 1994
Previous Article:Employee discounts.
Next Article:Accounting education.

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