Your Payroll Deserves a Check-In Before Tax Time

When a paycheck arrives on time, it’s easy to assume everything is taken care of. But the amount being withheld, the taxes being deposited and the records behind that payment deserve attention, too. I want you to understand those pieces while there’s still time to make adjustments.

National Payroll Week, observed during Labor Day week, recognizes the professionals who help keep employees paid accurately and on schedule. The IRS also uses the occasion to remind workers and employers of their payroll responsibilities. Those reminders are worth keeping in mind throughout the year.

For employees, that means checking whether withholding still fits their situation. For business owners, it means making sure payroll processes stay current and required payments and filings are being handled.

Employees: Make sure your withholding still fits

Your employer generally withholds federal income tax from each paycheck based on your earnings and Form W-4. The IRS recommends checking your withholding periodically, especially after changes in your job, income or family situation, or when tax laws change.

The free IRS Tax Withholding Estimator can help you check whether too much or too little is being withheld. It’s an estimate, so review the results with your tax advisor before making adjustments.

Business owners: Give the details behind payroll some attention

When you’re running a business, payroll can become another recurring task on a full calendar. Your employees depend on that process, and withholding, reporting and depositing employment taxes are important responsibilities.

The IRS encourages employers and payroll professionals to review their processes regularly and follow current guidance. Key responsibilities include:

• Withhold employment taxes accurately. Employers generally must withhold federal income tax, Social Security tax and Medicare tax from employees’ wages.
• Make federal tax deposits electronically. Federal tax deposits must be made by electronic funds transfer. Available options include the Electronic Federal Tax Payment System (EFTPS), IRS Direct Pay for businesses and Business Tax Account for eligible users.
• File employment tax returns on time. Many employment tax returns can be filed electronically, including Forms 940, 941, 943, 944 and 945.
• Keep payroll records. Employers should retain employment tax records for at least four years.

Let’s look at it while there’s time to plan

Whether you’re reviewing your own paycheck or overseeing payroll for your business, you should feel comfortable asking for help understanding the numbers. You don’t have to wait until you’re gathering tax documents to bring up a change or something that doesn’t look right.

If you’re unsure about your withholding or have questions about how payroll fits into your business’s tax planning, reach out to me at https://frazierandco.cpa/contact/. We can talk through what has changed, review the information together and determine whether we need to coordinate with your payroll provider. I’d rather have that conversation during the year, when we have time to work through your options.

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