Once your new payroll provider has all of the required information, they can begin to run payroll on your behalf. When closing your previous payroll account, make sure you save and transfer all payroll and employee records, including: ✓ Year-to-date gross pay and prior state and federal tax filings for all employees ✓ Current and previous employees’ addresses, social security numbers, and year-to-date gross pay and tax information to make sure W-2s are correct ✓ Copies of payroll tax payments and filings made on your behalf for the company
If you switch providers in the middle of a quarter, verify with your previous provider which tax payments and filings they will be making on your behalf. They should refund you any quarterly taxes collected but not submitted to the IRS or state. They should also pay any federal and state income taxes already collected.
If you switch providers in the middle of a quarter, verify with your previous provider which tax payments and filings they will be making on your behalf. They should refund you any quarterly taxes collected but not submitted to the IRS or state. They should also pay any federal and state income taxes already collected.
While it may seem like your payroll is out of sight, out of mind, you still have some responsibilities. Most importantly, you want to regularly check for accuracy regarding the following withholdings and deductions from employee paychecks: ✓ Federal income tax ✓ State tax ✓ Local tax ✓ Medicare and Social Security taxes ✓Other deductions, such as those for retirement plans and insurance
You should also regularly review the following employer taxes: ✓ Social Security and Medicare ✓ State Unemployment Insurance ✓ Federal Unemployment Tax Act taxes