Namely Toolkit: Year End, Year Start Payroll

Prepare to close out 2023 and set your 2024 up for success with our year-end payroll toolkit.

 

 

 GETTING STARTED

BEFORE YOU BEGIN PREPARING TO CLOSE OUT THE YEAR IN NAMELY PAYROLL, YOU'LL WANT TO REVIEW THESE ARTICLES TO ENSURE YOUR TEAM IS SET UP TO SUCCESSFULLY MANAGE YOUR PAYROLL TASKS.

1. Namely Payroll Terminology - This article defines some common industry and Namely-specific terms about Payroll.  

2. Namely Payroll User Administrative Roles - It's important to review your Namely Payroll User Administrative Roles to ensure members of your team have the access they need to manage taxes in Namely.

3. When to Call Namely Service for Payroll Related Inquiries - The article is intended to serve as a guide to help you identify when you need to call in for assistance with a payroll issue versus submitting a case.

 

Important Dates

1. Namely Holiday Payroll Processing Calendar - Important dates to keep in mind for payroll processing during the holiday season - some pay dates and deadlines have changed! 

2. Payroll Deadlines for Q4 2023: Third Party Sick Pay, Tax IDs and Tax Variances - Familiarize yourself with the deadlines and important dates for Q4's quarter-end deadlines and variance collection.

 

Payroll Checklist

1. Year End Payroll Checklist - This checklist will help you consider key payroll activities to take as you prepare to close out the year. 

 

FORM W-2 AND 1099

PREPARE YOUR TEAM AND YOUR EMPLOYEES FOR W-2 SEASON WITH THESE HELPFUL RESOURCES.

1. 2022 Year End Payroll Checklist: W-2 Preparation - Use this checklist to ensure a seamless release of your company's W-2s.

2. Employee Guide to the Form W-2 - A complete guide to the Namely Form W-2 - explore frequently asked questions, code definitions and more! This guide can be shared with your employees to answer any common W-2 questions they may have.

3. Form W-2 Box Definitions - Provides an outline of each box on the Form W-2, with details on corresponding box codes. 

4. How to Identify Taxable Wages on the Form W-2 - A handy guide to understanding taxable wages and all the items that impact the numbers on W-2s. 

4. Using the W-2 and 1099 Preview Report - Did you know that you can preview your W-2s at any point in the year to ensure accuracy prior to their release? Read this article to learn how, using our W-2 Preview Report. 

5. W-2C Basics - Every once and a while, a W-2 needs to be corrected. This article provides an overview of W-2Cs, how to work with Namely to process one, and timelines to be aware of.

6. Terminated Employee Access to W-2s - Instructions on how former employees can access their tax documents in Namely.

7. W-2 Mailing and Printing Services - Print and distribute your year-end forms with our partner Nelco. 

 

Frequently Asked Questions

When is the deadline to file forms for Q4 / year end?	When will W-2s and 1099s be available?
How do my terminated employees get access to their paystubs or Form W-2?	How do I sign up for electronic delivery of my payroll documents (e.g., W-2 and 1095)?
Does Namely offer a W-2 or 1099 printing service?	How can I print my employees’ W-2s and 1099s directly from Namely?
Can an employee be paid as a full-time employee and contractor in the same year?	Where can I find a list of employees who have not consented to electronic delivery for tax forms (e.g., W-2 and 1095)?
Can Namely produce a 1099 for a contractor paid outside of Namely Payroll?	How long does it take to receive a W-2c?

   

YEAR END TAX PREPARATION

CLOSING OUT YOUR COMPANY'S TAX YEAR CAN BE STRESSFUL, BUT NAMELY IS HERE TO HELP. REVIEWING THESE RESOURCES AND FOLLOWING OUR BEST PRACTICES WILL HELP EASE THE PAIN FOR YOU AND YOUR EMPLOYEES.

1. Namely Toolkit: Tax Services - It's always a good idea to have our Tax Services toolkit on hand - it contains all the information you need to handle tax collection, filing and remittance in Namely, register for state taxes and power of attorney, as well as resolve tax variances and notices.

2. IRS Benefits Contribution Limits - Familiarize yourself with IRS contribution limits for HSA, FSA, 401(k) and more. 

3. 2023 Wage Base Rises for Social Security Payroll Taxes - Learn about the 2023 wages that are subject to Social Security FICA taxes increase from $137,700 to $142,800. 

5. Webinar Recording: Payroll and Tax Tips for a Successful Year End - Watch our webinar recording with our payroll and tax experts as they discuss how you can ensure a successful year-end for your organization!

 

Quarterly Tax Packages

1. Company Tax Packages Overview  - This article provides you with a breakdown of all the information you can find within your Company Tax Package

 

Tax Variances & Preventing Tax Issues

1. Tax Variance Process and Calculations - Quarter close can result in tax variances. This article explains the variance process at Namely, shares some tips for preventing them and includes instructions on how to calculate a variance. 

2. Namely Recommended: Quarter End Payroll and Tax Validation Guide - We recommend following the steps outlined in this guide at the end of every quarter, but the close of Q4 is even more important. Read this article to close out 2020 the right way. 

3. Namely Recommended: Payroll Processing Validation Best Practices - This guide will help ensure your standard payrolls run smoothly, each time you process. While we recommend following this guide every time you run payroll, it's even more pertinent as the year draws to a close to catch any potential issues that might affect taxation or W-2 filing.

4. Best practices for Imputing Income for Domestic Partner Coverages - Domestic Partner coverage should be accounted for as imputed income in your employees' earnings. This article provides best practices for handling these earnings as you prepare for your company's tax filings.

5. Quarterly Tax Reconciliation (Company) Report - Review wages and outstanding liabilities using this report.

  

BONUSES + ADDITIONAL WAGES

YEAR END OFTEN MEANS BONUS SEASON! FOLLOW THE STEPS IN THESE ARTICLES TO SUCCESSFULLY PROCESS AND TRACK BONUS PAYMENTS.

1. Third Party Sick Pay - If you have an employee out on disability, you'll want to read this article to ensure their payments are entered in Namely Payroll prior to W-2 season. 

2. Calculating Group Term Life - If you offer Group Term Life, read this article to ensure you calculate it correctly and include it in employee pay as imputed income prior to W-2 filing.

3. How to process SCORP through Namely Payroll - Need help applying SCORP to your payroll? Read this article to find out how to process amounts that need to be reported for SCORP 2% Shareholders Health insurance.

4. Uploading Additional Pay - The holiday season means holiday bonuses! Read this article to pay employees en masse using our Uploading Additional Pay tool.

5. HRIS Imports: Bonuses - If you want to track your bonuses on employee's compensation pages in HRIS, you'll want to read this article to import them.

6. Recording a Payment Made Outside of Namely Payroll - Have a payment made outside of Namely's system but still needs to be recorded? Have no fear! Read this article to find out how to process a payment in Namely that has already been paid outside of Namely Payroll.

7. How To Calculate Gross-Up Amounts In Namely Payroll - If you have employees that want to contribute their entire Net Pay to reach the yearly limit, read this article.

 

Frequently Asked Questions

Where can I find my company's quarterly and annual tax packages?	Where can I find Federal and State W-4 documents?
Where can I find the W-3 form?	Where can I find W-9 documents?
How do I read the tax variance reports?	When are funds collected to resolve tax variances?
Why did I receive a blank return if Namely is filing taxes for my company?	What can I do to minimize my chance of getting tax variances?
Why do tax variances occur?	Will my last payroll of the calendar year be included in this year’s W-2?
What do I do if I have an additional Payroll to run, but I have no more Pay Cycles for this Calendar Year?

 

EQUAL EMPLOYMENT OPPORTUNITY COMMISSION

READ THESE RESOURCES TO LEARN HOW NAMELY'S EEO REPORTING CAN HELP YOU REMAIN COMPLIANT AND FILE IN A TIMELY MANNER.

1. EEO Component 2 Report - Read this article to learn how two reports in Namely can help you satisfy your EEOC reporting requirements.

 

TROUBLESHOOTING + CORRECTIONS

IF YOU RUN INTO PAYROLL ISSUES OR NEED TO MAKE CORRECTIONS TO A W-2, WE'VE GOT YOU COVERED!

1. Payroll Corrections - Explains the different ways you can correct your employee year to date totals, including Year to Date Adjustments, Voids and Reissues, and corrective actions you can take in your standard payrolls.

   • Understanding the Void and Reissue Process - Provides detailed instructions on partnering with Namely on Voids and Reissues.

   • Processing Year to Date Changes - Provides detailed instructions on partnering with Namely on Year to Date Adjustments. 

2. W-2c Basics - Every once and a while, a W-2 needs to be corrected. This article provides an overview of W-2c's, how to work with Namely to process one, and timelines to be aware of.

3. Unable to File Tax Packages: Error Decoder - This guide will help you troubleshoot and resolve tax filing errors. 

4. My pay schedule is not correct, how can I change this? - If you need to make an update to your pay schedule, follow the steps detailed here.

5. How does Namely handle stale (uncashed) checks?  - Read this article to better understand our process for uncashed checks.

 

EMPLOYEE RESOURCE CENTER

THESE RESOURCES CAN BE SHARED WITH YOUR EMPLOYEES TO HELP PREPARE THEM FOR THE RELEASE OF THEIR W-2S, AND TO MANAGE THEIR TAX WITHHOLDINGS.

1. Employee Guide to the Form W-2 - A complete guide to the Namely Form W-2 - explore frequently asked questions, code definitions and more! This guide can be shared with your employees to answer any common W-2 questions they may have. 

2. Keeping Up With Your Tax Withholdings - Advises employees to perform a Paycheck Checkup to prevent tax issues come W-2 season.

3. Employee Payroll Personal Info Audit - Have your employees review their personal information in Namely for accuracy with our sample Newsfeed template and downloadable resources!

 

Where can I go to see my W-4 andState tax elections?

How do I sign up for electronic delivery of my payroll documents (e.g., W-2 and 1095)?

   

ADDITIONAL RESOURCES

REVIEW OUR ADDITIONAL RESOURCES TO LEARN MORE!

Help Community

1. Namely Toolkit: Tax Services - It's always a good idea to have our Tax Services toolkit on hand - it contains all of the information you need to handle tax collection, filing and remittance in Namely, register for state taxes and power of attorney, as well as resolve tax variances and notices.

 

Comply Database

The following content is available in our Comply Database. For more details, read: Namely Comply Database and Comply Advice & Action. 

1. Payroll Taxes and Withholding - Our Comply Database has comprehensive guides to federal and state payroll taxes and withholding requirements.

   

Namely Blog

1. Form 1099 vs. Form W-2: How to Classify Employees Correctly - Employers are required to annually file the Form 1099 for contractors and Form W-2 for employees, but determining who falls in each category can be tricky. Here’s everything you need to know about 1099s, W-2s, and employee classification so you can get it right the first time.

2. Protecting Employee Data During Tax Season - Whether it’s an insurance application, a W-4 form, or a photocopy of a driver’s license, your employees’ sensitive information needs to be protected - especially during this extended tax season as scams and refund theft increases. 

3. What Is Third Party Sick Pay? - One of Namely’s payroll gurus writes a prescription for managing sick pay.

4. How Bonuses Are Taxed by the IRS - Year-end bonuses come with their own separate tax rules. There are two approaches a business can use to tax an employee's bonus: the percentage method and the aggregate method. Luckily for you, the percentage method often makes the most sense for both the payroll administrators and recipients. 

5. Calling the IRS? Read This First. - ‘Tis the season for tax notices and agency calls. While you might not be sending your tax agency a gift basket this year, it’s not uncommon to need to chat with them during the holidays. Here’s how to get the most out of these sometimes intimidating phone calls.

6. Missing a Form W-2? Read This - How to field questions when former employees come calling.