Compliance, Technology

Year-End Payroll Updates

| December 3, 2018

To ensure a successful cannabis payroll transition from 2018 to 2019, please review the following important reminders. Our Customer Service team is standing by to assist you!

2018 Housekeeping Items
Submit the following items on or before 12/14/2018:

– Non-cash taxable fringe benefits

  • Personal use of company car
  • Benefit premiums paid for owners such as life insurance and health insurance
  • Non-cash incentive bonuses
  • Gift cards
  • Any other cash benefit that is taxable to the employee

– Third party sick pay
– Year-end bonus and commission payments
– Final 401(k) and HSA contributions for those intending to contribute to 2018 IRS maximums
– Employee business expense reimbursements
– Update employee mailing addresses (for W2s) in the Wurk system
– Confirm that all employees have a valid Social Security Numbers
– 2018 voids or payment adjustments
– Notify Wurk of any name, DBA or company address changes

Important Tax Reminder
Please be on the lookout for 2019 State Unemployment Tax (SUTA) rates from the state, normally delivered November through December. Given that the rate applies to paid wages up to the taxable wage limit in 2019, retroactive adjustments will be calculated upon receipt of the new rate and will result in administrative fees and possibly state penalties. Based on the recalculation, there may be a SUTA credit or SUTA charge applied to your payroll invoice. To avoid any disruption, please forward 2019 SUTA rates immediately upon receipt. If you have any questions, please reach out to our support team via Communities.

Looking Ahead to 2019

– 401(k) Limit change to $19,000 (up from $18,500).
– HSA Individual contribution limit $3,500 (up from $3,450)
– HSA Family Contribution $7,000 (up from $6,900)
– As of now, the following states have announced minimum wage increases for 2019:
Alaska, Arizona, Arkansas, California, Colorado, Delaware, DC, Florida, Maine, Massachusetts, Minnesota, Missouri, Montana, New Jersey, New York, Ohio, Rhode Island, South Dakota, Vermont, and Washington.

If you have any questions, please don’t hesitate to reach out to the Customer Service team through Communities. Thank you for choosing Wurk as your trusted payroll and HR partner!