New Mexico Employee Payroll Records Checklist

• Category: Employment - Compensation - Payroll
• State: Multi-State
• Control #: US-AHI-046
• Format: Word

Description

This AHI form is a checklist to help ensure that a company has all of the necessary files from each employee for payroll records.

New Mexico Employee Payroll Records Checklist: A Detailed Overview of Essential Documents and Requirements The New Mexico Employee Payroll Records Checklist is a comprehensive guide that outlines the necessary documents and records employers in the state of New Mexico need to maintain for their employees' payroll. This checklist ensures compliance with state laws and regulations while safeguarding businesses and employees alike. Different types of New Mexico Employee Payroll Records Checklist can vary based on the nature of the business and the specific legal requirements they need to fulfill. 1. Employee Information Records: — Employee's full legaNamam— - Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) — Address, phone number, and email address Catbirdsrt— - Gender - Start date and termination date (if applicable) — Employment status (full-time, part-time, or contract) — Payroll tax forms (W-4, NM WT-4) and related information — I-9 form and supporting documents verifying eligibility to work in the US 2. Wage and Hour Records: — Regular and overtime hours worked by each employee — Hourly rate or salary peaperiodicio— - Commission or bonuses earned (if applicable) — Dates of payment and pay periods covered — Deductions made (e.g., taxes, healthcare, retirement contributions) — Records of any paid leave (sick leave, vacation, or holiday leave) — Records of wage increases or salary adjustments 3. Tax Records: — Federal and statwithholdinggg— - Social Security and Medicare (FICA) taxes — State unemployment insurance (SUI) taxes — Records of state and local taxes withheld, if applicable — Quarterly and annual reports (Form 941, Form 944, Form W-2, Form W-3) — Year-end reports and reconciliation (Form 1099, Form 1096) 4. Unemployment Insurance Records: — Employee's starting and termination dates — Wages paid pequarterte— - Unemployment insurance contributions made by the employer — Reports on unemployment insurance claims (Form ES-903A) 5. Workers' Compensation Records: — Insurance coverage and policy detail— - Employee injuries or illnesses records — Compensation and medical benefits provided — Reports of injury or illness at the workplace 6. Record Retention: — New Mexico law requires employers to maintain payroll records for at least four years. — Ensure that all records are accurate, easily accessible, and securely stored. — Creating electronic backups and implementing data security measures are advisable. By adhering to the New Mexico Employee Payroll Records Checklist, employers can confidently meet their legal obligations while effectively managing their workforce's payroll. It is crucial to stay updated with the ever-evolving state regulations to ensure compliance and prevent potential penalties or legal issues.