Asure Software Inc · NASDAQ:ASUR
Asure Software — Conference Presentation (December 2023)
52 slides from Asure Software's conference presentation, December 2023
Slide 1: Preparing for Year-End 2023
Preparing for Year-End 2023 Presented By: Laura Waters and Stuart Merrill - SPHR, CPP
Slide 2: Agenda
Agenda Important Dates What’s New Year-End Planning W-2 Info Review Summary Appendix Summary www.asuresoftware.com
Slide 3: ACA Reporting will not be covered in this presentation
Info re: ACA Reporting will not be covered in this presentation. Updates and Information will be provided by ACA Support team in mid-January. www.asuresoftware.com 3
Slide 4: Dates & Deadlines
Dates & Deadlines 12/15 –Deadline for submission of Bonus Payroll Form & Additional Wage Adjustment Checklist 12/25 – Asure Holiday & Bank Holiday. All Banks and Asure offices are closed 12/29- Last date a payroll can be processed and posted into 2023 (regular, bonus and wage adjustments payrolls) 1
Slide 5: Dates & Deadlines
Dates & Deadlines Forms W-2 & W-3 By law, employers are required to file Forms W-2 & W-3 with the Social Security Administration (SSA) by Wednesday, January 31, 2024 (whether using paper forms or filing electronically) Forms 1099 Forms 1099-MISC are due to IRS by February 28, 2024 for paper filing,
Slide 6: December 2023 Payroll Processing
day of the submit by Day submit by Date Submit week check date (no later than) (no later than) Deadline Monday 12/18/2023 Thur 12/14/2023 12 Noon Tuesday 12/19/2023 Fri 12/15/2023 12 Noon DECEMBER Wednesday Thursday 12/20/2023 12/21/2023 Mon Tue 12/18/2023 12/19/2023 12 Noon 12 Noon 2023 Payroll Fri
Slide 7: What's New for 2024
FUTA Credit Reduction SUI wage base limits Form W-4 | Form W-2 | Form I-9 Broker Social Security & Medicare Taxes Retirement Plan Contribution Limits HSA / FSA Contribution Limits Reference Reminder What’s New for 2024 7
Slide 8: FUTA Credit Reduction
FUTA Credit Reduction California (subject to 0.6% reduction) New York (subject to 0.6% reduction) RE: Asure Clients Payrolls will process normally FUTA assessment calculated at end of December Clients alerted in Q/E package of amount to collect (along with any other quarter end variances)
Slide 9: SUI Wage Base Limits for 2024
SUI Wage Base • The wage base limit determines max State Unemployment Insurance tax that is calculated / collected on each employee. Limits for 2024 • Example: a Texas employer has a SUI rate of 2.7%, so the tax per employee is calculated on first 9,000 of employee wages Alabama 8,000 Hawaii 61,800
Slide 10: Form W-4
Form W-4 Form W-4 No significant revisions are expected for 2024 version. New W-4s for current employees are not automatically required, only when employee makes changes, Except… Employees who claimed Exempt status in 2022 must file new W-4 by February 15, 2024, to claim exemption for 2024. https://
Slide 11: Form I-9
https://www.uscis.gov/i-9 11 www.asuresoftware.com
Slide 12: Form W-2 update
<will not affect w2 reporting, or format> Source: payroll.org www.asuresoftware.com 12
Slide 13: Social Security & Medicare
Social Security & Medicare description for 2024 Social Security taxable wage base - $168,600 increase Social Security Taxable wage base Social Security tax rate - unchanged 6.2% increased from $160,200 to Social Security tax, maximum for 2023 $10,453.20 $168,600 Medicare tax rate - unchanged 1.45% *
Slide 14: Contribution Limits for Retirement Plans
Contribution Limits for Retirement Plans description for 2024 401k contributions: Maximum employee contribution - increase $23,000 Catch-up contribution - unchanged $7,500 Max employee + employer contribution - increase $66,000 403b contributions: Maximum employee contribution - increase $23,000 Cat
Slide 15: Changes to FSA / HSA Contribution Limits
Changes to FSA / HSA Contribution Limits Health – Flexible Spending Accounts (FSA) for 2024 Contribution limit - increase $3,200 Maximum carryover limit - increase $640 Health Savings Accounts (HSA) for 2024 Contribution limits: Self only- increase $4,150 Family- increase $8,300 HSA catch-up- unchan
Slide 16: 2024 State Min Wage Increases
2024 State Min Wage Increases AZ from 13.85 to $14.35 HI from 12.00 to $14.00 NE from 10.50 to $12.00 SD from 10.50 to $12.00 CA from 15.50 to $16.00 ME from 13.80 to $14.15 NJ from 14.13 to $15.13 VT from 13.18 to $13.67 CO from 13.65 to $14.42 MD from 13.25 to $15.00 NY from 14.20 to $16.00 WA fro
Slide 17: Reference Reminder
Reference Reminder IRS Publication 15-B & Circular E (Pub 15) 2024 Supplemental Tax Rate = 22% 2024 Mileage Rate TBA, currently 65.5 cents per mile* https://www.irs.gov/publications/p15b www.asuresoftware.com 17
Slide 18: Year-End Planning / W-2 Balancing / Review
o Forms for Year-End o Year-End Adjustments o To-Dos & Reminders Broker o FAQs o Resources Reports to Review PAY00538 PAY00709 Year-End Planning PAY00717 W-2 Balancing / Review 18
Slide 19: Reports to review for Quarter/Year-End Processing
Reports to review for Quarter/Year-End Processing PAY00520 Payroll Summary for Reporting Period (by Labor Segment) PAY00538 Payroll Summary for Reporting Period (by Employee) Data on these reports drives all payroll tax returns – Federal, State, and Local Suggested Actions: • Review taxable wages fo
Slide 20: PAY00717 figures should tie to tax returns
Figures from PAY00717 report should tie off to tax returns like Form 941 20
Slide 21: W-2 Balancing & Review Instructions
https://www.asuresoftware.com/2022-yearend-mid-market The W-2 Balancing & Review Instructions can be downloaded from the Year-End website, This document explains the W-2 boxes and provides a W-2 Authorization Form. Signed forms are required back by deadline in order to print, file, and ship W-2s 21
Slide 22: The W-2 Audit Report, PAY00709
The W-2 Audit Report, PAY00709 is updated nightly Carefully review all employee’s W-2 boxes, and sign and submit the W-2 Authorization Signoff form. Deadline for signoff is 1/8/2024. This is required to print, file and ship W-2s. 22
Slide 23: Audit W-2 Information
Audit W-2 Information The VAL00066 Deduction Codes Report, and VAL00073 Earning Codes Report are a good start for reviewing info that will be displayed on employee W-2 forms. These reports will show in detail what info will display in W-2 Boxes 10,12, and 14. 23
Slide 24: Forms W-2 are due to employees by January 31, 2024
Forms W-2 are due to employees no later than January 31,2024 Asure will begin shipping employee copies of W2s as early as January 8, 2024. Once available, employer copies can be printed from the web using Reporting Payroll, report PAY00712 “Year-End W-2 Employer Copies” 24
Slide 25: W-2 Boxes reference
Box 12 on the W-2 can detail several types of information, as seen in this IRS Reference Guide. For more detail on W2 Boxes, please see the Appendix at end of this presentation https://www.irs.gov/pub/irs-pdf/iw2w3.pdf 25
Slide 26: Year-End Adjustments and Bonus Payroll forms
Reminder: Year-End Adjustments and Bonus Payroll forms Please complete the Year-End Adjustment form and return by 12/15/2023 or as soon as possible. Common year-end adjustments include: • Void checks and manual entries • Group Term Life (GTL), coverage in excess of $50,000 • 3rd Party Sick Pay • Per
Slide 27: Authorization Forms Due by 1/8/2024
Authorization Forms Due by 1/8/2024 Getting these authorizations back in a timely manner is critical for year-end. • W-2 Authorization Form • 1099- Misc/NEC Form Please return before Friday January 8th 27
Slide 28: Year-End TO-DO List
Year-End TO-DO List: 1] Verify Data used on W2 forms Run PAY00020 Employees Verify name, address, SSN Distribute to employees to review 2] Review remainder of 2023 payroll calendar entries for accuracy. Notify your Asure Client Services Support Rep of any changes to your processing schedule 3]
Slide 29: Review of Final Payroll for 2023
ACH Processing VS changes to Pay Calendar It’s important to remember that two (2) banking days are required for ACH processing to ensure timely deposits to employee bank accounts. Reminder: Review of Final Payroll for 2023 Please review within 24 hours of receipt. It’s also needed for proper col
Slide 30: Third Party Sick Pay, Fringe Benefits, Unemployment Rate Changes
Reporting Third Party Sick Pay (Disability Payments) By law, insurance companies have until January 15, 2024, to report to you any disability insurance benefits paid to your employees during 2023. Should you receive notification of such payment after reporting your last payroll for the year, pleas
Slide 31: Ready for the New Year?
Before first payroll in 2024: Paid time off categories – “hours used” will reset to zero for first payroll. Does your plan require manual entry of available hours? Do accrual rates need to be updated? Verify voluntary deductions and balances. Have insurance premiums changed? Have medical and
Slide 32: Summary
fq] AsureHCM Summary 32
Slide 33: Asure must close out the year on January 5, 2024
Asure must close out the year on January 5, 2024, to ensure we can meet deadlines for tax returns and W-2s. Forms W-2 are due to employees no later than January 31,2024 Asure will begin shipping employee copies of W2s as early as January 8, 2024. www.asuresoftware.com 33
Slide 34: Review W2 Audit Report and authorization
Carefully review PAY00709 Year-End W2 Audit Report, checking all Employee’s W2 Boxes All Year-End Adjustments should be completed prior to last payroll of 2023 W2 Print Authorization form must be signed and returned to Asure before we print, file and ship W2s Deadline for submission of W2 Au
Slide 35: W2s available in Employee Self Service
W2s will automatically be available in Employee Self Service (ESS) beginning February 1, 2024 Contact your Support Service Rep if ESS access to W2s is needed earlier than 2/1/2024 Employees and Clients will be able to reprint W2s from the web on plain paper For W2 Replacement Reprints – plea
Slide 36: Resources
IRS.gov Asure Website NEW: Asure Retirement ServicesBroker (401k) Client Portal Chat Feature & Y/E Landing Page Asure Website – Knowledge Center Resources 36
Slide 37: Helpful IRS links
Helpful IRS links www.irs.gov Social Security Administration https://www.ssa.gov/ https://www.irs.gov/instructions/iw2w3 https://www.irs.gov/forms-pubs/about-publication-15-b
Slide 38: Check out our re-designed website
Check out our re-designed website… www.asuresoftware.com 38 https://www.asuresoftware.com/
Slide 39: Why Asure?
Asure Why Asure? Public company Strength. Small Business Attitude. We're big enough to have the financial strength, R&D, and infrastruc our customers are also small and mid-sized businesses, we feel your passion and re to give you peace of mind. And because most of yeat the details because we're an
Slide 40: Have You Heard? 401k Solutions
https://www.asuresoftware.com/401k-plans/ Have You Heard? 401K Solutions Enhance your benefits package and empower your employees with Asure’s Retirement Solutions www.asuresoftware.com 40
Slide 41: support.asuresoftware.com
support.asuresoftware.com www.asuresoftware.com 41
Slide 42: Chat Feature and Year-End Landing Page
support.asuresoftware.com Chat Feature Year-End Landing Page (all forms, recording) https://www.asuresoftware.com/year-end-2023-mm/ www.asuresoftware.com 42
Slide 43: Ebooks and Guides
https://www.asuresoftware.com/ebooks-and-guides/ www.asuresoftware.com 43
Slide 44: Appendix at End of Handout
[q] AsureHCM Appendix at End of Handout
Slide 45: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes Broker Appendix 45
Slide 46: Forms W-2 are due to employees by January 31, 2024
Forms W-2 are due to employees no later than January 31,2024. Asure will begin shipping employee copies of W2s as early as January 8, 2024. 46
Slide 47: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes Box 1 > Wages, Tips, Other Compensation o Reportable compensation / wages are subject to Federal Income Tax (FIT) o May exclude pre-tax deductions such as Section 125 (cafeteria plan) Insurance Premiums, 401k / 403b Contributions, etc Box 2 > Federal Income Tax with
Slide 48: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes Box 4 > Social Security Tax Withheld o Note: Box 3 wages may be greater than box 1 wages since fewer items are exempt from Social Security Box 5 > Medicare Wages and Tips o Wages subject to Medicare Tax o May exclude pre-tax deductions such as Section 125 (cafeteria
Slide 49: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes Box 10 > Dependent Care Benefit o Total Dependent Care Benefit under Section 129 o If you feel data should display in this box but does not, please contact your Payroll Specialist Box 11 > Non-Qualified Plans o Earnings from Non-Qualified Plans Box 12 > These are it
Slide 50: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes https://www.irs.gov/pub/irs-pdf/iw2w3.pdf 50
Slide 51: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes Box 13 > Statutory Employee, Retirement Plan, 3rd Party Sick Pay o These boxes are checked depending on your company setup and information reported o For more info please review the IRS Form W-2 instructions Box 14 > Other o Other amount is for information items tha
Slide 52: End of presentation
Asure < end of presentation > 53
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