(a) Every nonprofitmaking institution shall establish, maintain, and preserve for not less than six years, records for each employee; and these records shall contain the following data:

1. (1) name and address;
2. (2) social security number, if any;
3. (3) wage rate;
4. (4) a record of hours worked daily and weekly during each payroll period, including the time of arrival and departure of each employee working a split shift or spread of hours exceeding 10; and

5. (5) a record for each payroll period of:

   1. (i) the amount of gross wages;
   2. (ii) deductions, if any;
   3. (iii) allowances, if any; and
   4. (iv) net wages paid.

(b) Every such institution employing persons in an executive or administrative capacity shall establish, maintain and preserve for not less than six years, records which show for each such individual:

1. (1) name and address;
2. (2) social security number, if any; and
3. (3) total wages, and the value of allowances, if any, for each payroll period.