10-Day Plan For Establishing A Payroll System; Day Nine: Prepare to Keep Good Records
STATEN ISLAND, N.Y. -- The following tip is part of Victory State Bank’s 10-part series based on the U.S. Small Business Administration’s (www.sba.gov) 10 steps for setting up a payroll system for your business.
Step 9: Get Record Keeping Savvy
Federal and some state laws require that employers keep certain records for specified periods of time.
For example, W-4 forms (on which employees indicate their tax withholding status) must be kept on file for all active employees and for three years after an employee is terminated.
You also need to keep W-2s, copies of filed tax forms, and dates and amounts of all tax deposits.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .
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