Guide to How Long to Keep Employee Paystubs
For anyone who has been harboring the dream of being their own boss by investing in a business, there are tons of things and regulations that you will discover more on here! 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. As a business owner, you understand the importance of the documents to your employees or you can click the website for more on why you should keep them. You can learn more on how long to keep employee paystubs in the article below.
The answer to your first and most obvious question is that employers are required to keep paystub information for a minimum of two years; you have to keep a record of their wages and hours of work for this duration before you can get rid of them. 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. When you are choosing a location for your employees’ paystubs and other sensitive information, you should not only be thinking about convenience but security too; only employees with the right clearance should be allowed to access them.
This may seem a little too much to some business owners, but given your employees’ sensitive information like social security numbers and addresses are on these documents, you can see why it is important to keep them under lock and key. 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.
For convenience and easy of retrieval when the time comes, An employer should ensure they have single storage room where all the important business documents are placed under lock and key because they can be needed at any time and should not be accessed by just anyone. If you have been having questions about keeping employee paystubs, here are some of the answers and important reasons to keep them around for the required duration. This is everything you should know about keeping employee paystubs and why you should do it.