It’s W-2PR season and many companies are overloaded with work.
Some will file late while others will make many errors.
Here is a link to the Department of Hacienda’s calendar: http://goo.gl/QrmlCc
Here are the Most common errors:
Mapping – An earning can be misplaced. There can also be a reimbursement that may be taxable or non-taxable.
Balance – Incorrect balance on employee earnings. There can be a missed number or wrong amount placed.
Personal Information – Employee information can be omitted or wrongly spelled. Things like employee address, social security number and even the name must be correct and must match other forms.
401k – The balances must be in the correct field and should match other forms like the quarterly tax reports.
Note: Sometimes the law changes and the W-2PR must be done differently. This is the case of law 135, done on 2014, where employees ranging from 16 to 26 years of age do not pay income tax unless they earn $40,000 or more.
Your company will benefit from outsourcing payroll.
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