Top Tasks to Complete for Your First Payroll
Review the following items and work with your account manager to make changes before your first payroll of the new year.
Payroll schedules are provided to clients in November and January. Review them carefully and notify ASAP if you have any changes.
Review employee benefits and compensation
Notify ASAP if you have any changes to 401(k)/Simple, HSA plans, and other premiums for 2021. And ensure employees are compensated in compliance with state and/or municipality minimum pay requirements.
Optional Tasks to Start 2021
If you have the time, the following tasks will help tidy up your records for year-end reporting (your CPA will thank you!).
As part of year-end balancing, compare payroll registers to Form W-3 report totals (reported taxes from Form W-3 should equal tax deposits totals on Forms 941). Check for required Tip Allocations for tipped employees if applicable.
If you had independent contractors, you will need to prepare and file Form 1099-NEC for each worker. If you need help, check out our 1099 processing services. (Note: To take advantage of early bird processing prices, submit complete vendor information by January 15.)