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The post How Long You Have to Keep Tax Documents appeared first on SmartReads by SmartAsset. ... Here’s a rundown of nine tax records to keep: W-2s. 1099s. Payroll documents. Invoices.
A time book is a mostly outdated accounting record, that registered the hours worked by employees in a certain organization in a certain period. [ 1] These records usually contain names of employees, type of work, hours worked, and sometimes wages paid. In the 19th and early 20th century time books were separate held records.
A payroll is a list of employees of a company who are entitled to receive compensation as well as other work benefits, as well as the amounts that each should obtain. [1] Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously ...
Retention period. A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained", irrespective of format (paper, electronic, or other).
The IRS advises that “when your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes.
The general rule is to keep your tax records for three years, but there are several important exceptions for when you might need to keep your tax records for a longer period as a taxpayer.
Form W-2 (officially, the " Wage and Tax Statement ") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship ...
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
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