The responsibilities of employers don’t end when the paycheck has been issued; they are also responsible for:
- Paying the company’s share of payroll taxes. This includes Social Security, Medicare, FUTA, and state unemployment taxes.
- Depositing the money withheld from the paychecks of their employees.
- Preparing a number of reconciliation reports.
- Accounting for the payroll expenses via detailed financial reporting.
- Filing the payroll tax returns.