New Payroll Filers Information
Employer responsible for:
- Getting workers compensation call State Insurnace Fund direct @ (518.437.6400) or contact your own insurance agent (if Corporation officers can elect out).
- Getting Disability Insurance call your local insurance agent.
- Getting W-4 filled out by employees.
- Filing a copy of W-4 with New Hire Reporting Act.
- Paying employee and keeping track how much employees make.
- Paying monthly 941 liabilities if over $2,500.
- Paying monthly New York State liabilities if over $750.
- Getting information to accountant to file the forms (see below for dates).
- Sending in filled out payroll forms, (see below for dates)
Accountant responsible for:
- Filling out the form SS4.
- Applying for Unemployment Insurance Id #.
- Filling out quarterly forms.
How do I pay payroll to my employees?
- First make a file for payroll for that year ie. 2004 Payroll, use it for all payroll correspondence for that year.
- Have employee fill out W-4 so you know what they are claiming.
- Figure the employees gross by multiplying the hours times the rate.
- Figure the FICA or social security and Medicare (same thing, different words) by multiplying the gross by 7.65%.
- Figure the Federal withholding(FWT) and State withholding(SWT) by going to the table for married or single weekly pay based on what the employee is claiming. Than follow the column across to the number of exemptions they have claimed and than look down the row for the gross wages you are paying and enter the amounts on their payroll cards.
- You are allowed to deduct from wages 60 cents per week for disability.
- You are also allowed to deduct from wages health insurance premiums.
- Write in all the information on the payroll card showing gross to net, for your own reference you can put in the check number.
- Get the info to accountant as per dates to remember.
Attention: All employers
All newly hired employees are subject to a "New Hire Reporting Law". This law is to catch dead beat mom's and dad's so that child support payments can be deducted from their pay. Even if you're positive that a new person is not a dead beat parent it still has to be sent in. Newly hired employees are defined as all new employees hired from October 1997 on. This is to be done indefinitely for all new hires. A fine is now being imposed for $20 per employee that is not sent in. As an employer you must provide NYS with the following information:
- A copy of a filed out W-4 signed or unsigned by the employee with their name, address and social security number.
- Your business name, address and Federal ID Number on the bottom of each W-4
If any employees have not been sent in, send them in now.
Mail copy to:
New York State Department of Taxation and Finance
New Hire Notification
PO Box 15119
Albany, NY 12212-5119
or Fax copy to:
518.438.3715
Instructions on how to pay Monthly coupon payments or amount to put away for taxes.
- Add FICA column on employee for month, multipy by 2 or take gross and multiply by 15.3%
- Add FWT column on employee for month, add to FICA column. ie:
| John Smith - Januray 20XX | ||||
| Gross | FICA | FWT | SWT | NET |
| 200.00 | 15.30 | .20 | 15.00 | 149.70 |
| 200.00 | 15.30 | .20 | 15.00 | 149.70 |
| 200.00 | 15.30 | .20 | 15.00 | 149.70 |
| 200.00 | 15.30 | .20 | 15.00 | 149.70 |
| 200.00 | 15.30 | .20 | 15.00 | 149.70 |
| 1000.00 | 76.50 | (a) | 100.00 | 75.00 |
|
784.50 x 2 153.00 (a) +100.00 $253.00 - Coupon amount to pay at bank. |
||||
In Quickbooks:
- Report
- Payroll Report
- Payroll Summary
- Make date's for the quarter your are veiwing
- Multiply gross wages by 15.3%
- Add the FWT
This is your payment amount due at bank.
* Payment is only due when the cumulative quarterly total exceeds $2,500.00.
FICA and FWT Coupon Payments Due: Mark box 941 .
Mark box 1st Quarter If payment is made in February, March or April.
Mark box 2nd Quarter If payment is made in May, June, July.
Mark box 3rd Quarter If payment is made in August, September, October.
Mark box 4th Quarter If payment is made in November, December, January