It’s not too late to spring into action and verify that everything is set up and ready for the first quarter of 2018, so that you can have a rosy start to your year.
The deadline to submit federal taxes and forms electronically through Xero is April 26, 2018. However deadlines for state filings vary from state to state.
- Enter all employee wage payments not yet recorded in Xero. Do this prior to filing and paying CX your quarter returns and taxes.
- If you need to make any adjustments to first quarter, see how to make corrections to a paid pay run.
- Review your company name, address, federal and state ID numbers, deposit frequencies, state unemployment (SUI) ID numbers and rates, and employee social security numbers for accuracy. Review all employees who have been marked as exempt from taxes.
- If you’ve received a new SUI rate for the year, and need help making adjustments for payrolls processed prior to entering the new rate, contact Xero support. Don’t delay – reduce your stress and get in touch before April 11, 2018.
- Verify that the data on the 941 form is correct and that the amount of any adjustment on line 7 is no more than +$5.00 or –$5.00. Adjustments are often due to changing an employee’s taxation for social security and Medicare taxes. Avoid the queues and reach out to us if you need help by April 11, 2018.
- Are you looking to improve your workflow? Check to see if your state is supported for electronic services. File your tax forms and deposit your taxes with a click of a button. And if you haven’t registered for federal electronic filing and payment services, you can do it in just a few steps. The company still should its own PIN number to make any additional tax payments through EFTPS directly.
Changes to wage base limits
The following are the 2018 state unemployment insurance (SUI) wage base limits. The states shown in bold have changed their wage limits.
|State||Wage base||State||Wage base||State||Wage base|
† Michigan has two wage bases: 9,000 for employers whose SUI payments and returns are up-to-date with the agency, and 9,500 for employers whose SUI and returns are delinquent. Xero uses the wage base of 9,000.* An asterisk denotes that electronic services aren’t available for the state in Xero as yet.
For more information on these updates, see the American Payroll Association resource library.