For IPS clients, much of what’s updated pertaining to payroll on an annual basis happens automatically within your IPS software (iSolved). However, there are still a few basic changes all employers should be mindful of for 2019. Doing so will better prepare you for the full year ahead.
- Although Wisconsin was not one of them, at least twenty states increased the minimum wage for 2019. If you have employees in other states, be sure to check for potential revisions.
- Remember that labor laws are always subject to change. For clients that enroll, a new labor law poster is automatically shipped each year. Clients also receive email notifications during the year when there are major developments in labor law.
- Each year, the IRS updates wage and contributions limits to things like 401k, Health Saving Accounts (HSA), etc. Though tracked within our iSolved software, companies are wise to inform their employees about how new limits may affect them.
- Be sure to check modifications in state unemployment tax. At the start of each year, Wisconsin and other states will send an amended unemployment tax rate to employers. Companies are expected to pay unemployment tax to the state based on this rate. IPS reminds employers to make sure they or their payroll providers have the updated rate so that correct tax payments are being made.
- Each year, employers must verify with their Workers Compensation Insurance provider to make sure they are paying the appropriate premiums. This is based on their workforce, type of work being done, and amount of wages being paid to employees.
If you have any questions about payroll changes for 2019, contact your IPS payroll specialist today.