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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Chapter 15
Keeping Tax and Benefit Records
In This Chapter
• Recording pay
• Depositing taxes
• Avoiding penalties
• Following rules
Now that you know the details behind the payroll system, you need to know what records are necessary to keep about these transactions for both internal and external purposes. We warn you: be prepared to do a lot of paper pushing. Internally you need to track your company’s liabilities related to payroll; externally you need to report your payroll and related taxes to federal, state, and local governments.

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