16 Dec Payroll Year End Tasks for Employees

Sleigh bells ring, are you listening…. It’s that time of year my friends! Hopefully, you have already started on your payroll year end tasks. If not, you still have time. No worries, let’s dive in!

W-4 Status

Closing out each year, it’s a good practice to review your W-4 status to determine if you need to file a new form to accommodate changes that may have occurred during the tax year. Some common life event changes may be related to marriage, divorce, birth or adoption of a child, or a spouse returning to the workforce.

There are resources available if you need assistance with updating your W-4 information. On the IRS website, you can utilize the Tax Withholding Estimator to determine the amount of taxes that will be withheld from your paycheck. The results generated by the tool can be used to update your information. If you want to take it a step further and get a general idea of what your take home pay will be, you can google paycheck calculator to find a payroll website that provides the tool for use.

Mailing Address

Most companies provide an employee self service portal for updating your personal information and accessing payroll related documents such as your W-2 and 1095 C forms. In the event you’re not computer savvy and prefer snail mail, you will need to ensure your mailing address is up to date. When tax season rolls around, you would hate for your W-2 form to be delayed due to an incorrect mailing address. Also, keep in mind by law, your employer has to mail your W-2 form by January 31st.

Vacation and Sick Balances

Everyone loves using their vacation time, right? It’s a good idea to be familiar with the policies surrounding vacation and sick time as they relate to your company. The policies will outline if you have to use or lose your time before the end of the year, if you can carry over hours into the new year, if you can cash in your hours, and other related items. Most companies make the policies available in the Human Resources section of their company website. Don’t get caught slipping and lose hours when it could have been prevented.

Conclusion

In closing, this was a brief blog post highlighting a few payroll items you should review to ensure a smooth transition into the new year. If you know anything about the world of payroll, it’s about being accurate and timely. When you maintain your information in the same manner, it makes it easier for your payroll department to provide excellent service for their employees. Now, that you’ve taken out a few minutes to review your information, you may resume your holiday festivities!