(K) Section 10 Recordkeeping and record retention Flashcards
The ____ requires employers to keep records on wages, hours and other items, as specified in Department of labor recordkeeping regulations.
FLSA
Do records kept by employers need to be kept in a specific form and include time clocks?
No records do not need to be kept in any particular form and time clocks not be used.
Under FLSA for each employee, the following records must be kept for at least 3 years after their last date of entry (Except overtime-related records for exempt employees):
- personal information including employee’s name, home address, occupation, sex and birth date (if under 19years old)
- hour and day when workweek begins
- total daily or weekly straight-time earnings
- total hours worked each workday and each workweek
- regular hourly pay rate for any week when overtime is worked
- total overtime pay for the workweek
- deductions from or additional wages
- total wages paid each pay period
- date of payment and pay period covered
- collective bargaining agreement
- certificates authorizing the employment of industrial homeworkers, minors, learners, students, apprentices, and workers with disabilities
- records showing total sales volume and goods purchased
Under FLSA the following records must be kept at least 2 years from their last date of entry include
- basic employment and earnings records supporting the data for each employee’s hours of work, basis for determining wages, and wages paid (time or production card)
- order, shipping, and billing records showing customer orders, shipping and delivery records, ad customer billing; and
- records, substantiating additions to or deductions from employee’s wages, including purchase orders, operating cost records, wage assignments, and garnishments.
Under FLSA the following recode must be kept for at least 2 years from their last effective date include:
- wage rate tables and piece rate schedules; and
- work time schedules establishing the hours and days of employment
Tipped employees under FLSA require
Employers using the tip credit to pay a certain portion of a tipped employees minimum wage must keep, in addition to other required records, the following:
- notation on records showing wages are determined partially by tip
- IRS form 4070, employee report to employer on tip
- Amount of tip credit taken by employer
- hours worked and straight time for work other than tipped work
- Hours worked and straight time for work in a tipped situation.
Form of records, must be available for inspection within ____ hours of notice.
72
Willfull violation of the recordkeeping requirements can bring criminal penalty up to $___ and ___ months of imprisonment.
$10,000 and 6 months
Under IRC internal revenue code the following records are required to keep:
- Employee’s name , address, occupation and SSN
- Total amount of compensation, taxes, and date paid to employees
- Amount of compensation subject to all tax withholdings
- The pay period covered by compensation
- Form W4
- Hire and separation date of each employee
- Fringe benefits provided to employee
- tax adjustments
- Forms 941, 943, W-3, 6559, and W2
- Amount and date of tax deposits
Under IRC retention period.
These records must be kept by the employer for at least ___ years after the due date of tax for the return period to which the records relate.
Four years
Under IRC retention period
Information related to taxes paid by employees must be retained by the employer for at least ___ years after the due date of the employee’s personal tax returns (april 15).
four years
Employers subject to FUTA must keep records to substantiate the following for at least four years after the due date of Form 940, or the date the required tax was paid whichever is later:
- total amount of compensation paid during the year
- the amount of compensation subject to FUTA tax
- state unemployment contributions made (noting amounts withheld from employee’s wages)
- all information shown on Form 940
- If total compensation and taxable amounts are different, the reason
Are employers relieved of the recordkeeping responsibilities because they us a service bureau?
No employers are not relieved.
What is the Civil rights act of 1964
- prohibits employers from discriminating against employees on the basis of race, color, religion, sex, or national origin
- To accurately complete reports required by EEOC, employers must keep records regarding hiring, promotion, demotion, transfer, layoff or termination, rates of pay, and selection for training or apprenticeship
- Keep records for one year from date made or date of the action to which they relate, whichever is later
- Keep longer if relate to a change of discrimination
- applicable to employers covered by ADA
What is the Age discrimination in employment act of 1967
The ADEA prohibits employers from making hiring, termination, or other personnel decisions based on the age of individuals who are at least 40 years of age.
Records of employee’s name, address, date of birth, occupation, pay rate, and compensation earned each week must be kept for at least three years
Records of the following must be kept for one yer, job applications, resumes, promotion, demotion, transfer, training, layoff, recall, discharge, job orders submitted to employment agencies or union, test or exams used in making personnel decisions, and job ads.
