Section 10 - Recordkeeping and Record Retention Flashcards
FLSA
At least 3 years after their last date of entry:
- personal info
- hour and day when workweek begins
- hours worked
- straight-time earnings
- overtime earnings
The FLSA requires employers to keep…
…records on wages, hours and other items as specified in Department of Labor recordkeeping regulations.
Under FLSA, when must records be available for inspection?
72 hours
Violations of the recordkeeping requirements can bring what criminal penalty?
Up to $10,000 and/or 6 months imprisonment
Under FLSA, what records must be kept for at least 2 years from their last date of entry?
- Basic employment and earning records (hours worked, determining wages and wages paid
- Order, shipping and billing records for customers
- Records substantiating additions to or deductions from employees wages
Under FLSA, what records must be kept for at least 2 years from their last effective date?
- Wage rate tables
- Piece rate schedules
- Work time schedules establishing the hours and days of employment
Under FLSA, what are the additional records that must be kept for a tipped employee?
- Notation on records showing wages are determined partially by tip
- IRS Form 4070
- 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
IRC Retention Period
At least 4 years after the due date of the tax for the return period to which the records relate.
4 years after April15th
IRC Records
- Employee’s name, address, occupation, SSN
- Compensation, taxes and date paid to employee
- Compensation subject to tax withholdings
- Form W-4
- Hire and separation date
- Fringe Benefits
- tax adjustments
- Forms: 941, 943, W-3, 6559 and W-2
- Amount and date of tax deposits
FUTA Tax Records
At least 4 years after the due date of Form 940
- compensation paid during the year
- compensation subject to FUTA Tax
- state unemployment contributions made
- all information on Form 940
- if compensation and taxable amounts are different, the reason
What is the Civil Rights Act of 1964?
Prohibits employers from discriminating against employees on the basis of race, color, religion, sex or nation origin.
EEOC - Equal Employment Opportunity Commission
Employers must keep records regarding
- Hiring, promotion, demotion, transfer, layoff or termination
- Rates of pay
- Selection for training or apprenticeship
Keep records for one year from date made or date of the action to which they relate, which ever is later.
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 lease 40 years of age.
ADEA
Records of employee’s name, address, date of birth, occupation, pay rate and compensation earned each week must be kept for at least 3 years.
Records of the following must be kept for 1 year: job applications, resumes, promotion, transfer, training, layoff, recall, discharge, job orders submitted to employment agencies or unions, tests or exams used in making person decisions and job ads.
IRCA
Must retain the completed Form I-9 for at least 3 years after the date of hire or one year after the termination, whichever is later.
