Are you ready for the new year?

written by trigon
12-10-2009
184 views | 0 comments

Are you ready for the New Year? December and January are probably the two most important months for payroll administration. Here are just a few of the more significant items employers should have on their checklist:

December
  • Check employees' addresses and Social Security information on file for W-2 purposes. Employee Social Security numbers can be verified at the E-Verify website administered by the U.S. Department of Homeland Security at www.uscis.gov.
  • Send a reminder to all employees to make appropriate changes to their W-4s for 2010, especially if they have had any life changes (e.g., marriage, divorce, change in number of dependents, etc.).
  • Make sure that all 2010 deductions correctly reflect benefit changes made during open enrollment
  • Update all tax forms, withholding and publications for 2010
  • The Social Security wage base will remain at $106,500 for 2010

January
  • January 1 is a big day for payroll because year-to-date balances need to be reset to zero, and employers need to ensure that all wage bases, rates and limits are updated.
  • Run a payroll report to verify W-2 information before printing forms.
  • By February 1 (the traditional deadline, January 31, falls on a Sunday), mail or deliver W-2s and Form 1099s to all employees who worked for you in 2009.
  • File forms 941 and 940 (Annual Federal Unemployment Tax Return [FUTA])

If all of this sounds overwhelming and you are looking for a solution to outsource your employee management to, Trigon Staff Administrators can help. Outsourcing work comp and payroll administration can provide you with several advantages. Many employers don't realize the time spent on creating and updating the proper forms and notices, maintaining the proper documentation, calculating the correct payroll taxes and staying on top of the newest guidelines and regulations. With outsourcing, employers can gain additional resources and reduce the amount of time spent on administrative tasks, allowing them to focus on the money making activities of their business.

When you check your payroll list this year, make sure Trigon Staff Administrators is on it! Call us today for a customized proposal and get ready for a great 2010!

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