Frankly, that would be a long, boring article to read (thanks, TikTok brain!).īut if you’re interested in learning more, you can download and print a free year-end payroll checklist PDF here. This isn’t a complete list of your year-end payroll tasks. State disability or workers’ comp insurance rates, if applicable.Before you run payroll in 2024, adjust your payroll according to any new tax rates you’re assigned. In most cases, a new year calls for new tax rates. Look Into Your Tax Rates For The New Year Whatever the case may be, make sure you make changes before running your first payroll of 2024. Or, an employee might decide to switch their health insurance plan altogether. Here are a few benefit changes you may need to make for the new year:įor example, health, dental, vision, and life insurance plans may have updated premiums for the new year. After you run your final payroll for the year, make the changes (e.g., adjust withholdings). Put together a list of all your employees and their benefits changes for the new year. Determine Who Has Benefit Changes For Next Year Compensation includes salaries, commissions, bonuses, and the reasonable money value of board, rent. An employee is a worker who performs services for compensation under the supervision, direction, and control of an employer. You must e-file Forms W-2 with the SSA if your total number of information returns is 10 or more. Employment is any service a person performs under a contract of hire (written or oral). Keep in mind that there is a new electronic filing threshold. Also, include your business name, address, and Employer Identification Number (EIN). You’ll also need to include the employee’s SSN, name, and address. Before you create your W-2s and W-3s, confirm employee wage information. The W-2 reports wage and tax information for each employee. Follow your state’s deadline for the state copy, if applicable. Remember that the deadline to file Form W-2 with the SSA and distribute to employees is January 31. Run payroll one business day earlier to make sure employees get their paychecks on time.Īfter you run your final payroll, you can create Forms W-2 and W-3. Bank holidays: There are two bank holidays right around year-end that could throw off when employees receive direct deposit-December 25 and January 1.Employers typically include unused time off in the last payroll of the year. Unused time off: Depending on your company policy, you might need to pay employees for unused time off. If you have any questions about MFA, please contact Employer Tax Services at 86 weekdays from 7:30 a.m.Consider doing tax gross-up for payroll to give employees specific amounts. Bonuses: Remember to pay out any holiday or year-end bonuses.Here are a few things that could impact your employees’ final paychecks of the year: Another year-end responsibility is running your final payroll for 2023.
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