Slide 1: Preparing for Year-End 2024
Preparing for Year-End 2024 Presented By: Marisa Almgren, Director of Operations
Slide 2: Agenda
Agenda Important Dates Forms Considerations w/ Payroll Year End Info/Resources Website/Portal FAQs / Resources Appendix: W2 codes www.asuresoftware.com
Slide 3: Dates & Deadlines
Dates & Deadlines 12/04 –Deadline for submission of Bonus Payroll Form & Additional Wage Adjustment Checklist 12/25 – Asure Holiday & Bank Holiday. All Banks and Asure offices are closed 12/31- Last date a payroll can be processed and posted into 2024 (regular, bonus and wage adjustments payrolls) 1
Slide 4: 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 Friday, January 31, 2025 (whether using paper forms or filing electronically) Forms 1099 Forms 1099-MISC are due to IRS by February 28, 2025 for paper filing, or
Slide 5: December 2024 Payroll Processing
DECEMBER 2024 Payroll Processing www.asuresoftware.com
Slide 6: What's New for 2025
FUTA Credit Reduction SUI wage base limits Form W-4 | Form W-2 | Form I-9 Social Security & Medicare Taxes Broker Retirement Plan Contribution Limits HSA / FSA Contribution Limits Reference Reminder What’s New for 2025 6
Slide 7: FUTA Credit Reduction
FUTA Credit Reduction California (subject to 0.9% reduction) New York (subject to 0.9% reduction) U.S. Virgin Islands (subject to 4.2% reduction) Asure Clients Payrolls will process normally FUTA assessment calculated at end of December Clients alerted in Q/E package of amount to collect
Slide 8: SUI Wage Base Limits for 2025
The wage base limit determines max State Unemployment SUI Wage Base Insurance tax that is calculated / collected on each employee. Limits for 2025 We need your help! If you have received a notice of change to SUI rate for 2025, please forward to your Payroll Specialist 8
Slide 9: Form W-4
Form W-4 Form W-4 No significant revisions are expected for 2025 version. New W-4s for current employees are not automatically required, only when employee makes changes, Except… Employees who claimed Exempt status in 2024 must file new W-4 by February 15, 2025, to claim exemption for 2025. https://
Slide 10: Form I-9
https://www.uscis.gov/i-9 10 www.asuresoftware.com
Slide 11: Form W-2 Instructions
https://www.irs.gov/instructions/iw2w3 www.asuresoftware.com 11
Slide 12: Social Security & Medicare
Social Security & Medicare description for 2025 Social Security taxable wage base - $176,100 increase Social Security Taxable wage Social Security tax rate - unchanged 6.2% base increased from $168,600 Social Security tax, maximum for 2025 $10,918.20 to $176,100 Medicare tax rate - unchanged 1.45% *
Slide 13: Contribution Limits for Retirement Plans
Contribution Limits for Retirement Plans description for 2025 401k contributions: Maximum employee contribution - increase $23,500 Catch-up contribution – added age band $7,500 (50+) / $11,250 (60-63) Max employee + employer contribution - increase $70,000 403b contributions: Maximum employee contri
Slide 14: Changes to FSA / HSA Contribution Limits
Changes to FSA / HSA Contribution Limits Health – Flexible Spending Accounts (FSA) for 2025 Contribution limit - increase $3,300 Maximum carryover limit - increase $660 Health Savings Accounts (HSA) for 2025 Contribution limits: Self only- increase $4,300 Family- increase $8,550 HSA catch-up- unchan
Slide 15: State Min Wage Increases
State Min Wage Increases If you need to increase employee's minimum wage for wages paid in 2025 please contact your Customer Service Representative. *grid image generated by AI for reference only. Please confirm your state minimum wage requirements. Changes to Salary Threshold for Exempt Employees T
Slide 16: Reference Reminder
Reference Reminder IRS Publication 15-B & Circular E (Pub 15) 2025 Supplemental Tax Rate = 22% 2025 Mileage Rate TBA, currently 65.5 cents per mile* For 2025, the IRS mileage rates are as follows: •Business purposes: 68-70 cents per mile (expected) •Medical or moving purposes: 23 cents per mile (exp
Slide 17: Year-End Planning
o Forms for Year-End o Client Portal o Reminders Broker o Resources o FAQs Year-End Planning 17
Slide 18: Year-End Go-To Document
This is your first go-to document, with dates, FAQs and Updates Forms not required if you do not have any additional bonuses or adjustments to report/paywww.asuresoftware.com for 2024 18
Slide 19: Support Portal
19 https://support.asuresoftware.com/s/
Slide 20: Reminder: Year-End Adjustments
Reminder: Year-End Adjustments Please complete the Year-End Adjustment form and return 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 • Personal Use of a Company Vehicle • S-Corp I
Slide 21: Year-End 2024 Web Page
https://www.asuresoftware.com/year-end-2024/ 21
Slide 22: Verify W-2 Data; Bonus and Adjustment Payrolls
• Verify Data used on W2 forms with the W-2 Edit Report • Review remaining 2024 payroll calendar entries, as well as 2025 entries for accuracy. • Keep in mind your company’s holiday schedule Bonus and Adjustment Payrolls Please contact your Payroll Specialist to: Process Bonus Payrolls Report Ye
Slide 23: Processing Deadlines; Missing Tax ID; Third Party Sick Pay
Processing deadlines for December / January Normal processing deadlines Banking Holidays may impact your processing schedule Please contact your Customer Service Representative to verify any deadlines Missing Tax ID, SSN, Employee Address If we are missing your federal or state identificatio
Slide 24: Fringe Benefits; Unemployment Insurance Rate Changes
Fringe Benefits The value of personal use of company cars or other taxable cash or non-cash benefit must be included on Form W-2. Please report these benefits BEFORE your last payroll for the year. Reporting taxable benefits with cash wages allows the appropriate withholding taxes to be deducted f
Slide 25: Void / Manual Checks; Billing for W-2
Void / Manual Checks with a Check Date for 2024 If you have any void or manual checks that have not been reported to your Payroll Specialist, please be sure to do so by your final payroll run of 2024. Additional processing fees will apply if we have to re-run quarter/year-end to record these ite
Slide 26: Reminders: PTO, Org Structure, Benefits
Reminder: Review your PTO Plans Reminder: Changes to Org Structure in Payroll Does your plan(s) require a manual update of Please report any edits or additions to your available (accrued) hours balances? department reporting structure that will go into Do you need to update accrual rates for 2025? e
Slide 27: Asure must close out the year on January 3, 2025
Asure must close out the year on January 3, 2025, to ensure we can meet deadlines for tax returns and W-2s. Forms W-2 are due to employees no later than January 31, 2025 Asure will begin shipping employee copies of W2s as early as January 10, 2025. www.asuresoftware.com 27
Slide 28: Deadlines Reminder and Disclaimer
Year-end is a state of mind, not a chronic illness We like our forms and checklists, you can too! Broker deadlines Please remember Our Payroll Specialists are indeed special. They are ready to help Disclaimer - We speak to the information based on what we currenlty see. Please contact your C
Slide 29: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes Broker Appendix 29
Slide 30: W-2 Due Dates and Shipping
Forms W-2 are due to employees no later than January 31,2025. Asure will begin shipping employee copies of W2s as early as January 10, 2025. 30
Slide 31: 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 32: 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 33: 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 34: Appendix: Explanation of W2 Boxes
Appendix: Explanation of W2 Boxes https://www.irs.gov/pub/irs-pdf/iw2w3.pdf 34
Slide 35: 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
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