The careful and timely preparation of all payroll withholdings and employer's portion of withholdings is necessary to avoid heavy fines.The most important control in the timely preparation of these returns is
A)computerized preparation of income tax returns.
B)a well-defined set of policies that indicate when each form must be filed.
C)independent verification of computer output by a competent individual.
D)a Gantt chart.

Question

Quizplus · Accepted Answer

A well-defined set of policies that indicate when each form must be filed is the most important control in ensuring timely preparation of payroll returns. Having clear guidelines and deadlines helps to ensure that the necessary steps are taken in a timely manner, reducing the risk of fines or penalties. Computerized preparation and independent verification can also be helpful tools, but they are not as crucial as having a clear policy in place. A Gantt chart may be useful for visualizing the timeline of tasks, but it is not necessary for timely preparation of payroll returns.

The Careful and Timely Preparation of All Payroll Withholdings and Employer's