The definition of Payroll is fairly straight forward. If you have Employees, you must pay them, but doing Payroll can be a time consuming process. You have to calculate hours and figure the taxes correctly, and it all has to be accurate and on time.
At Green 60 we are committed to provide all of your Payroll needs. This includes certified Payroll which we have been doing for the last fifteen years for different types of businesses that provide services for government funded projects. CertifiedPayroll needs to be done correctly to avoid audits, or penalties with interest.
What follows is a detailed description of certified payroll
Form W347 has been made available for the convenience of contractors and subcontractors required by their federally funded contracts to submit weekly Payrolls. Properly filled out, this form will satisfy the requirements of Regulations, Parts 3 and 5 (29 C.F.R., Subtitle A), as to Payrolls submitted in connection with contracts subject to the Davis-Bacon and related Acts.
While completion of form W347 is optional, it is mandatory for covered contractors and subcontractors performing work on federally financed or assisted construction projects to furnish required information regarding wages paid to each Employee for the preceding week. U.S. Department of labor requires contractors to submit weekly a copy of all Payrolls to the federal agency financing or contracting for the construction project. This is accomplished by providing a “statement of compliance” indicating that the Payroll reports provided are correct and complete and that each laborer or mechanic has been paid not less than the Davis-Bacon prevailing wage rate for the work performed. This information is reviewed by DOL and federal agencies to determine that Employees have received legally required wages and Fringe Benefits.
Under Davis-Bacon and other related acts the contractor is required to pay not less than the prevailing wage rate set by the DOL including Fringe Benefits. The Fringe Benefits can be paid either to bona fide benefit plans or directly to the worker as cash in lieu of Fringe Benefits.
This provides a way for the contractor to report all monies paid to workers whether as basic rate or cash in lieu of benefits. The statement of compliance allows the contractor to state that benefits were paid as required and not as cash in lieu of benefits.