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An employer and employees need to pay attention to the year to date (YTD). Payroll YTDs are required for record-keeping, calculations of tax obligations, and providing accurate tax documents at the year-end to employees. The reconciliations between the YTD values and the year-end form values must match for the IRS to accept the year-end forms.
Here is a list of topics that are covered related to the year to date payroll.
Year to date (YTD) is cumulative earnings accrued from the beginning of the year (January 1st) to the current date of the payroll. YTD is calculated as a straight sum of similar line items on each paystub from the beginning of the year. The paystubs keep track of various YTDs like regular earnings, withholdings and other deductions along with gross pay and net pay.
Employers have to provide their employees with paystub each time they are paid. The paystub contains various earnings, taxes, deductions, and any reimbursements for the employee in that pay period along with total gross and net earnings. Along with the pay period values, the paystub will also contain the YTD values of each earnings, taxes, and deductions.
YTD is used to describe multiple factors on the paystub, such as
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