Payroll Management and Financial Assessment Payroll Management is the administration of the financial record of employees' salaries, wages, bonuses, net pay and deductions in a manner timely and requisite of state, municipal and federal regulations. All employers, regardless of the number of employees, must maintain all records pertaining to payroll taxes for at least (4) four years after the tax becomes due or is paid. In reference to employee records, (20) twenty different types of employment records must be kept to satisfy federal, state and municipal tax regulations. Income Tax Withholding Records, Social Security (FICA) Tax Records and Federal Unemployment Tax Records (FUTA) must all be maintained and filed in a timely manner to meet guidelines and filing requirements.  Payroll Accounting and Payroll Administration are the two (2) areas that typically constitute the core of Payroll Management.   Payroll Accounting involves the three (3) areas of :    Calculating the earnings of workers and the related withholding for taxes and other deductions.  Recording the results of payroll activities.  Accurately preparing required tax returns and reporting the results of payroll activities to the federal, state and local tax agencies.    Payroll Administration involves the managerial aspects of maintaining a payroll. Payroll administration involves: Managing employee personnel and payroll information. Timely compliance with federal, state and municipal employment laws.