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Annual Payroll Process Overview: Monthly and Quarterly Reviews

This document outlines the payroll process for each month, detailing the necessary reviews, payroll registers, employee earnings updates, journal entries, and the electronic deposit of “941” taxes and Illinois SIT withholding taxes. It includes quarterly reporting for the first, second, and fourth quarters, with corresponding forms such as Form 941 for Federal FICA/FIT, Form IL-941 for Illinois SWT, and other necessary forms for annual reporting like W-2s and Form 940. Follow this guide for efficient monthly and quarterly payroll management.

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Annual Payroll Process Overview: Monthly and Quarterly Reviews

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  1. Payroll Class Review January • January Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit “941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  2. Payroll Class Review February • February Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit “941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  3. Payroll Class Review March • March Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit “941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  4. Payroll Class Review April • Quarterly Reports – 1st Quarter • Form 941 – Federal FICA/FIT Form • Form IL-941 – Illinois Quarterly SWT Form • Form UI-3/40 – Illinois SUTA Form & Payment • FUTA – if over $500, then electronically deposit. • April Payrolls • Payroll Register – Cut Checks • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  5. Payroll Class Review May • May Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  6. Payroll Class Review June • June Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  7. Payroll Class Review July • Quarterly Reports – 2nd Quarter • Form 941 – Federal FICA/FIT Form • Form IL-941 – Illinois Quarterly SWT Form • Form UI-3/40 – Illinois SUTA Form & Payment • FUTA – if over $500, then electronically deposit. • July Payrolls • Payroll Register – Cut Checks • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  8. Payroll Class Review August • August Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  9. Payroll Class Review September • September Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  10. Payroll Class Review October • Quarterly Reports – 2nd Quarter • Form 941 – Federal FICA/FIT Form • Form IL-941 – Illinois Quarterly SWT Form • Form UI-3/40 – Illinois SUTA Form & Payment • FUTA – if over $500, then electronically deposit. • October Payrolls • Payroll Register – Cut Checks • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  11. Payroll Class Review November • November Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  12. Payroll Class Review December • December Payrolls • Payroll Register – Cut Checks / Pay Employees • Update Employees’ Earnings Records • Record Journal Entry • Electronically Deposit“941” Taxes • Electronically Deposit Illinois SIT Withholding Tax

  13. Payroll Class Review January • Quarterly Reports – 4th Quarter • Form 941 – Federal FICA/FIT Form • Form IL-941 – Illinois Quarterly SWT Form • Form UI-3/40 – Illinois SUTA Form & Payment • FUTA – if over $500, then electronically deposit. • Annual Reports • W2’s – Give to Employees by January 31st • W3 – Sent to SSA with W2’s by February 28th • Form 940 – Annual FUTA form by January 31st

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