Page 9 - Payroll Year-End Planning & Checklist

8 Steps – February Planning

01 Preview 05
current-year
W2 and Follow Up Actions
employee 02
Celebrate data (Oct)
08 Year-end . Identify any • File fourth-quarter Form 941 and
State changes
annual Form 940 by Feb. 10 if no
completion
to withholding additional amounts are due
Verify new methods (Nov) • Message employees (again) about
wage bases claiming “exempt” from income
and rates are tax withholding; exempt status
included in 03
Payroll Schedule testing needs to be renewed by Feb. 16. If
system of Form W-2, a new Form W-4 has not been
07 Box 12, special received, update the employee
codes (Dec) record to single, using standard
withholding
Verify State Tax • Follow up with service providers to
Unemployment withheld
insurance using new verify that all returns were filed in
notices (Mar) formulas 04 a timely manner
File annual on first pay • Ensure any further prior-year
06 Form 940 by for the returns due in February are filed in
year. (Jan)
Feb 10 (Feb)
a timely manner
05