How can I plan for workforce taxes now?
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When it comes to the standard things, there are six key things to keep in mind.
1) Employers are required to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act either on form W2 box 14 or in a statement provided with the form W2.
2) Ensure your employee data is up to date: name, address, dependence, et cetera.
3) Are your earnings taxes withheld and items like 401ks accurate? Check now and avoid tax amendments.
4) Company data employer address goes on the W2 along with the employer federal identification number. Make sure that this information is correct in your system. Verify that you’ve entered a tax ID and payroll for every state where your employees live or work.
5) Run a history summary to confirm W2 against samples: Moved, promoted, live or work at different locations, et cetera.
6) Make sure to verify employee social security numbers. For a more in-depth answer, you can watch this short video!
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