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As you get your final payrolls and year-end sorted for 2022, here are a few other steps to consider to help you set up your payroll correctly for 2023.
1. Report qualified Final COVID-19 Deferred Tax Payments from 2020.
COVID-19 Deferred Tax Payments from 2020 will come due on December 31, 2022. Affected clients will receive advance notifications of these tax deposits in December 2022 to plan accordingly.
2. Update your taxes for 2023.
More specifically, you’ll want to update your state unemployment rates for the first pay date of 2023.
- Contact your work-in-state agency/agencies or log in to your online accounts for the rates.
- The state agency links can also be found in Wagepoint.
- Rate(s) need to be updated on the tax tab.
- The Social Security Administration (SSA) has also provided a detailed fact sheet on the updates in 2023 that you need to be aware of as an employer.
3. Look into the following benefits.
- 401(k) plans — Managing your small business isn’t easy, but with a 401(k) Retirement Plan, protecting your money and taking care of your employees can be.
- Pay-As-You Go Workers’ Compensation — Worker’s Compensation is an insurance providing medical care and benefits to any employee that suffers any injuries or illness as a direct result of employment. In the United States, this insurance is mandatory for businesses. Good news! We offer E-COMP — a pay-as-you-go program that integrates both payroll and Workers’ Compensation.
- Note: E-COMP provides no premiums upfront and Wagepoint will also draft your account after each payroll.