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