Each employer shall deduct from each payment due each employee the amount of the fees due from each employee beginning on the 1st day of January, 1998. The payments required to be made on account of the deductions by employers shall be made monthly to the county for the monthly periods ending the last day of each month, on or before the 20th day of the following month. Each employer shall at the same time make a return on a form made available to him or her by the revenue commissioner. If the total amount deducted from payments made to or due all employees of an employer is less than one percent during each calendar month of the previous calendar year, the employer may elect, for the current calendar year, to remit those deductions to the county for the quarterly periods ending March 31, June 30, September 30, and December 31 of the following calendar year, on or before the 20th day of the month following the end of each quarterly period. The failure or omission by any employer to deduct the fees shall not relieve an employee from the payment of the license fees and compliance with the requirements for making returns as provided in this subpart or with any regulations promulgated under this subpart. Each employer shall file in the office of the revenue commissioner on or before January 31, 1998, a return on a form made available by the revenue commissioner. The return shall show the gross amount of compensation of each employee, the amount of fees deducted and paid by the employer for all or any part of the period from and including January 1, and paid by the employer, during all or any part of the preceding calendar year. Each employer shall keep accurate records of all compensation, deductions, fees, payments, and returns. The records shall be kept and maintained by each employer for not less than five years subsequent to the date the compensation was earned.