Year-End Payroll Task Checklist
The end of the year is a crucial time for all payroll professionals. Your final to-do list may be long, but Symmetry Software can help keep you on track and compliant! Let's review some of the 4th quarter tasks and deadlines from our 2022 Payroll Calendar that are coming up quickly!
October 4th, 2022 - Improve Your Office Day! Research has shown that a clean workspace minimizes distractions, reduces stress, and increases productivity! Start the 4th quarter strong by utilizing October 4th to clean, reorganize, and possibly redecorate your office so that you have a more enjoyable workspace.
October 31st, 2022 - Deadline to file Form 941 for Q3 of 2022 (and Halloween!) You've probably filed this form every quarter (hopefully), but just in case you didn't know, you're supposed to file Form 941 on the last day of the month following the quarter. So, for the 3rd quarter, which is July through September, you must file Form 941 on October 31st. If the taxes withheld from this quarter's wages were deposited on time, you have until November 10th to file Form 941.
November 6th, 2022 - Daylight Savings Time Ends! "Fall back" by setting your clock back one hour before going to sleep on Saturday, November 5th (unless you live in Arizona). Don't forget to check your office or workspace for any analog clocks needing updating!
Employers should also be aware of the many Federal Holidays that comprise the 4th quarter of 2022! Notify your employees of their upcoming days off:
- Columbus Day - Monday, October 10th, 2022
- Veteran's Day - Friday, November 11th, 2022
- Thanksgiving - Thursday, November 24th, 2022
- Christmas Day - Sunday, December 25th, 2022
- (Observed) Christmas Day - Monday, December 26th, 2022
Many other end-of-the-year payroll tasks can't be categorized by date. Some tasks need to be completed as soon as possible. Let's go over the tasks that are not on your calendar:
- Make sure all employee payroll is accurately recorded.
- Remind employees to file a new Form W-4 if they had any personal changes throughout the year. There are more reasons to file a new Form W-4 than your marital status.
- Review time-off balances to see if employees need to use up their payroll or if you need to roll it over to 2023.
- Verify all company information. Did you move offices or update the company name? Make sure all of the forms are updated!
- Notify employees of the open enrollment dates and what it means for them!
- Run the final payroll of the year. Don't forget that banks are closed on all Federal Holidays, so you should be prepared if your payday falls on one of the above holidays.
- Check for any tax rate changes or minimum wage updates that may be implemented on January 1st, 2023.
This is also a great time to get ready for January! There are many deadlines on January 31st, 2023, including:
- W-2 and 1099 forms need to be delivered to employees
- Some forms you need to file include but are not limited to Form 940, Form 941, and Form 944
- Send Forms W-2 and W-3 to the Social Security Administration (SSA)
- File for an extension if needed
If there's a tax, we calculate it.
Just the sound of "year-end" can be a daunting phrase to any payroll professional. Let Symmetry Software ease some of your stress by calculating your tax rates and updating your minimum wages!
The Symmetry Tax Engine accounts for federal, state, and local taxes for over 7,400 taxing jurisdictions and U.S. territories. Employer taxes and multi-state processing are accounted for as well. We're already busy implementing new tax rates that will apply in the new year, and we're sure there will be many more changes soon!
Symmetry's Minimum Wage Finder tracks minimum wage rates across the country, including:
- State
- City
- Job Type
- Job Function
- Effective Date
So far, 13 states have already updated their minimum wage rates effective January 1st, 2023. What if your employee is in one of those states? Or worse, what if there's a city minimum wage rate that changes as well? Contact us today to get started with the Symmetry Minimum Wage Finder, so you don't have to stress about it!
How is the 2022 budget doing?
Now is the perfect time to convince the company's leaders that Symmetry Software can benefit your company in the new year! Use the leftover budget, or the lack of one, to start a free 30-day trial now, so you're up and running before the new year! Our trialing clients get full access to our products, so you can enjoy all of the benefits before the year-end rush even starts!
The importance of a free trial with Symmetry
We want our clients to fully understand our products and ensure they work for them before spending any money. That is why we recommend, at a minimum, that anyone considering licensing one of our software products or subscribing to a hosted version goes through a 30‑day free trial program.
Today is a great day to make Symmetry Software a part of your payroll tax compliance and growth strategy. Contact us today!
Stay updated with Symmetry Software!
Sign up to receive our quarterly Payroll Insights Newsletter. Now is the perfect time to start following our insights, so you get the first look at our 2023 Payroll Calendar!