It's Tax Time!

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It's Tax Time!

Effective communication with your employees is paramount to their satisfaction, and ultimately to the success of your business.

One basic and often neglected tool, is the humble pay stub. Most pay stubs will have detailed pay item information, deductions, W4 status, and the all-important TAX calculations. Employees who have access to their stubs online can easily update their W4 and other personal information electronically, as often as they’d like.

This time of year, we receive calls from clients who have employees who are surprised and concerned about a high tax total. These employees will also be the first to admit that they have not reviewed their check stubs throughout the year.

It’s a great practice to check in with your employees to make sure they are reviewing their pay stubs to ensure their pay, deductions, tax and W4 information are being calculated per their elections. This is a quick and effective way to let them know that you care about their bottom line.

Another best practice, is to regularly review your employee information per your payroll records. Check to make sure your payroll company has the most current name, address, W4 information, and that your records match theirs. Reviewing your information, a couple times per year saves the year-end audit crunch.

If you have questions regarding W4 calculations, contact our office any time.