PAYSUITE: Payroll Year-end Checklist

Please complete the following year-end checklist. Your help will ensure a smooth holiday payroll season!

Deadline is December 15th.

Company Name*
Year End Bonuses
Will your company pay year end bonuses before the end of the year?*
Will you include the bonuses in a regularly scheduled pay run?
Note: If you have a 401k the bonus will be subject to the deferral and employer match if your plan provides one. (Bonuses paid separately from regular pay are subject to Fed tax of 22%, OR State Tax of 9% and, where applicable, CA Tax of 10.23%)
What date would you like to be on the bonus checks?
Will your bonuses pay each employee a specific net or gross amount?
Net example: each employee gets a check for $200.00 after taxes deducted.
Special Year End Situations
Select any year-end fringe benefits to include with payroll, if applicable:
- Life insurance benefit in excess of $50,000 (GTL)
- Other insurance to include in employee income (Disability, for example)
- Personal Use of Company Car (PUCC)
- More than 2% Owner of S Corp Health Insurance (2% Health)
- Non-qualified moving expense reimbursements
- Bonuses (not run through payroll, therefore needing to be taxed)
- Non-cash payments
- All of the above
- Other
Select all that apply.
If Other, define here:
Have any of your employees been paid through a 3rd Party Sick Pay, short- or long- term disability this year?
S-Corp Benefits
Are you a S-Corporation?*
If yes, please get in touch with your tax advisor to advise you of any adjustments which need to be reflected on your W-2. Included, but not limited to, are health insurance including FSA, HSA, Vision, and Dental plans; Group Life insurance that exceeds certain limits and other life insurance that may or may not need to be added into income as well as certain fringe benefits such as personal use of company vehicles and possibly cell phone benefits. We will need this information by December 15th.
State Unemployment Rate for next year
Have you forwarded your SUTA rate for next year to Cardinal Services?
If ‘no’, please do so ASAP so that you are charged the correct rate.
Employee Paid Premium Changes
Are there any health, dental, vision, or supplemental insurance premiums that need to be updated for next year?
Do you have employer sponsored group health insurance premiums to report in Box 12 code DD** for W2 employees?
**Box 12 amounts with the code DD signify the total cost of what the employer and the employee paid for the employer-sponsored health coverage plan. Code DD amounts are for informational purposes only — they don't affect the numbers in the employee’s tax return.

Employee Information Reminders:

Please have employees review their paystubs to ensure their address is correct for when their W2s are mailed. Once the file has been submitted for distribution we cannot change it on the W2.

If any of your employees filed exempt this year, they will need to complete a new W4 for next year or it will default to Single with zero withholdings.

FREE Labor Laws Poster:

Cardinal Services supplies FREE all-in-one labor law posters to our clients. There are no edits at this time for January. If there are changes later in the year, an email will be sent out.

Deadline is December 15th.

Year End Bonuses

Special Year End Situations

S-Corp Benefits

State Unemployment Rate for next year

Employee Paid Premium Changes

Employee Information Reminders:

FREE Labor Laws Poster: