Payroll Year-End Checklist

Payroll connects a lot of tax, accounting, business, and personal things together. Here’s a checklist of what you need to run through payroll to make sure your contributions, deferrals, wages, and benefits are reported properly.

Let's begin wrapping up this year's financials! You may also see some of these reminders on your dashboard in Gusto's 2020 Spot Check in late November. Some of these may not apply to you

Health Insurance / Health Savings Account (HSA)

Have you added your medical, dental, vision, or HSA insurance to Gusto?

You’ll have to enter employees' benefit contributions and deductions manually and make plan changes.

If you have added your benefits but have untracked health insurance amounts, reach out to your team on Slack.

Health Reimbursement Arrangement (HRA)

Did you enter your reimbursements for the year in the system?

Fringe Benefits

If you offered fringe benefits for your employees for 2020, have you added them to your Gusto account?

We need to make sure all fringe benefits have been added and taxed appropriately. If you haven't already done so, please add all your fringe benefits from 2019 to Gusto.

Retirement: Solo 401k, Roth IRA

Did you enter retirement deductions and contributions for 2020 in Gusto?

If you haven’t added these in, please gather the total year-to-date retirement employee deduction and employer contribution amounts and provide them to our team. These totals will be included in your year-end filings and W-2s.

Independent Contractors

Have you added all of your independent contractors to Gusto (costs $6/month)? AND
Have you added all 2020 contractor payments?

Please add all missing contractors to Gusto and add any historical payments from 2020. If you don't want Gusto to file 1099 for any of your contractors, reach out to your team on Slack

Missed Payrolls

Have you run enough payroll for the year?

You still have until December 14th to run any further payments. If your business is short on cash or experienced economic hardship this year, please feel free to preserve your cash reserves and press pause on payroll.

If you have questions on the above, please chat with your Member Relationship Manager (@Karmen). Otherwise, you are all done! Good job completing your payroll year-end checklist.

Getting ready for 2021

State Employer Tax rates

Unless your LLC is registered in Washington and you are the only employee of your business, you are not exempt from payroll taxes. The state will send documentation on new payroll tax rates around November. If your rates change, these need to be updated in Gusto so they can file accurate taxes for you.

Health (Medical, Dental, Vision) Insurance / Health Savings Account

Changes in your plan (e.g. premiums, etc.) should be updated in Gusto annually