November Year End update
11/04/21
Author: ADP Admin/Wednesday, November 3, 2021/Categories: Bulletin News
|
Validate your 2022 Payroll Schedule and let your Payroll Advisor know if you need to make any changes to the week numbers, input dates, period end dates, or pay dates.
|
|
Schedule Bonus Payrolls and use this guide to help you prepare for Year End Bonus Payroll Processing. Reach out to your Payroll Advisor to schedule your bonus payrolls at least one week in advance. Bonus payrolls should be completed by mid-December.
o Use this guide to set up your Off-Cycle payroll: Adding an Unscheduled (Off-Cycle) Payroll
|
|
Report Miscellaneous Taxable Income
· If you have any miscellaneous taxable income to report, please refer toMiscellaneous Taxable Incomefor more information.Reach out to your Payroll Advisor if you have any questions. Additional information on Fringe Benefits can be found inPublication 15-B.
|
|
Forms W-2 Reporting of Healthcare Value
· The Affordable Care Act requires employers to report the total cost of both employer and employee provided coverage for medical benefits on Forms W-2 in Box DD.This reporting is optional if you issued fewer than 250 Forms W-2 in the previous calendar year.ADP TotalSource® reports this value in Box DD of the Form W-2 for all employees participating in ADP TotalSource® Health and Welfare Plans.
|
|
Review Employee Information
· To ensure that the employees are ready for Year End, please advise them to review any messages they receive from ADP. These messages will be sent either via email, mobile alerts, or pay stub messages.
|
|
ReviewBenefit Reminders for Year Endfor insight into important year end details related to benefits. Please contact ADP TotalSource at 844-448-0325 to speak with a Benefits Team Member.
|
|
Employee Deductions
· Review your employee deductions for plans administered outside of ADP TotalSource to determine if updates are needed for the new calendar year. Here are some examples below:
· 401(k) or other retirement
· Group Term Life
· Medical
· Dental
· Vision
· Other voluntary deductions
· SeeBenefit Payroll Deductions for Client Owned Plansfor more information on how to add or update those deductions.
|
Number of views (5468)/Comments (0)