What you don’t know definitely can end up hurting you because ultimately reporting and paying payroll taxes correctly and on time is an employer’s responsibility.
Some common payroll mistakes:
- Allow comp time for overtime hours worked
- Misclassification of workers
- Know the rules regarding the time you have to pay a leaving employee their ‘last paycheck’.
- Payroll taxes should be a priority regardless of your cash-flow or lack thereof
- Choose a qualified 3rd party payroll partner because the ‘buck-stops-with-you’
- Keep good records of your relevant payroll info like: time sheets, expense accounts, copies of W-2s and I-9s etc. and for the appropriate amount of time.
- Posters – Double check you’ve got the correct ones posted: Dept. of Labor Poster Advisor
Additionally, Washington State Department of Revenue is a user friendly website for more information.
This should be considered general information only. Consult a CPA or accounting professional for all your payroll, tax and accounting needs. Our BSSNW professionals are available to answer any questions/concerns at (360) 733-5530.