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Payroll Function and Reporting

1. What types of regulations requiring periodic reporting, both monetary and statistical, come along with the payroll function, and what are the reports required?
2. Is the payroll function best performed within a company, or is outsourcing a better approach to payroll processing?
3. What are the positives and negatives of both?

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1. The regulations requiring periodic reporting that come with payroll function are the reporting of withholding of salaries for the purpose of taxation. There is also need to report withholding to the state government. For example, form 941 and 940 have to be filled. Form 940 is the Federal Annual ...

Solution Summary

The response provides you a structured explanation of Payroll Function. It also gives you the relevant references.