Help employees who filed as tax exempt in 2014 avoid heavy income tax deductions next year by asking them to complete a new W-4 in the employee portal this winter.
See the December 2014 monthly, biweekly and special off-cycle payroll deadlines so you can accomplish payroll goals before the New Year.
Help CU verify that employees have the correct addresses on file by Jan. 5, 2015, to ensure they receive their W-2 tax documents in ample time to file.
Use this calendar to stay on top of year-end payroll submission deadlines.
Don’t forget to submit your Recognition Reporting Form(s) to document and authorize imputed cash awards (ICA) by Thursday, Dec. 11.
Employees have been put on notice: If they legally changed their names with the Social Security Administration in 2014, they must work with other entities that pay or tax them—including their department’s business partner—to ensure that change is reflected on other documents.
By the end of the year, please review your payroll registers before the December payroll run to identify, stop or pull any overpayments you’ve issued to employees to avoid forcing them to repay the money, pre-taxed.
If your department pays foreign individuals or entities, expect to see changes when these groups submit W-8 forms, which are collected to certify U.S. tax status.