For IPS clients, payroll services updates happen automatically within your IPS software every year. However, all employers should be mindful of a few basic changes in preparation for the full year ahead.
- Twenty-five states (and Washington, D.C.) are increasing the minimum wage in 2024. Wisconsin is not among them, but 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 wages being paid to employees.
If you have any questions about these changes or other payroll services, contact your IPS representative today.