Employers Ultimate Guide to the Duration of Keeping Employee Paystubs
If you are thinking of starting a business, it is advisable to know everything you will be getting yourself into as discussed on this page, including the rules that govern record keeping. Legal papers that can help in identifying your employees and their paystubs showing hours worked and earnings are some of the things you are required to by law to maintain as discussed here. Some of the things you need to know about is how long and where these sensitive employee documents should be kept before taking the leap. Continue reading to learn the answers to all these questions.
A minimum of two years if the duration you have to keep your employees’ paystub records if that was your first question; it may seem inconvenient to some people but you never when this sensitive information may come in handy. Employee paystubs are required to be kept for a minimum of two years for federal purposes but each state has a slightly different period for keeping these items, therefore, if you are unsure about the local regulations, be sure to check before throwing any wage-related items out.
The next question you should find an answer to is where to keep these sensitive documents; the answer is very simple; these documents need to be kept in a safe location that is easily accessible because you never when you may have to retrieve them. Given the severe consequences that can arise from not keeping paystub and other information related to hours and wage confidential, you cannot afford to take any chances, hence, the importance of choosing a site that offers restricted access.
You are not only keeping paystubs and other information relating to working hours but also the sensitive information embedded in them like social security numbers, which is why you should pay for the latest security systems and ensure there is restricted access. If you are thinking these are the only documents you are required to keep, you couldn’t be more wrong because there are some like payroll records and sales records that you are usually required to keep for longer than two years.
The easiest way to keep an eye on all the important business documents you are required to keep regardless of duration is to have a central storage system that is only accessed by the authorized persons. These are the answers to all the questions you may have regarding keeping employee paystubs and why they are important; you don’t need to throw any important documents out anymore. With the help of this guide, you can find answers to all the questions that have been bothering you regarding the keeping of these documents.
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