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 see these reminders on your dashboard in Gusto's End of the Year Spot Check in late November. Some of these may not apply to you.
Shareholders who own over 2% of your company in Gusto
Employees’ work addresses
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 us.
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 to Gusto.
Health Reimbursement Arrangement (HRA)
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, email us at [email protected]. Otherwise, you are all done! Good job completing your payroll year-end checklist.
Getting ready for 2022
State Employer Tax rates
Health (Medical, Dental, Vision) Insurance / Health Savings Account (HSA)
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.