Payroll: Year End - Revision history

Pmorey at 15:05, 5 December 2024

2024-12-05T15:05:07Z

Pmorey at 13:32, 5 December 2024

2024-12-05T13:32:05Z

Pmorey: /* Preparing Keystone Data for 1095 */

2024-02-01T20:33:29Z

Preparing Keystone Data for 1095

Pmorey: /* Year End 2023 */

2024-01-16T20:13:33Z

Year End 2023

Chanson: /* Year End 2023 */

2023-12-14T12:47:38Z

Year End 2023

Chanson: /* Your W-2 Filing Options */

2023-12-14T12:46:39Z

Your W-2 Filing Options

Chanson at 12:44, 14 December 2023

2023-12-14T12:44:05Z

Chanson at 12:40, 14 December 2023

2023-12-14T12:40:59Z

Chanson at 12:34, 14 December 2023

2023-12-14T12:34:13Z

Chanson: /* Set Up Retirement Plan Limits */

2022-01-04T14:03:36Z

Set Up Retirement Plan Limits

@@ Line 2: / Line 2: @@
 <!--<span style="color:#FFFFFF; background:#FF0000; font-size:30">Preliminary Notes for 2023</span> -->
 <span style="color:#FFFFFF; background:#FF0000; font-size:30">Update to Version 4.7.6 or higher.</span>
 =Year End 2024=

@@ Line 1: / Line 1: @@
 <!--  -->
 <!--<span style="color:#FFFFFF; background:#FF0000; font-size:30">Preliminary Notes for 2023</span> -->
-<span style="color:#FFFFFF; background:#FF0000; font-size:30">Update to Version 4.4.3 or higher.</span>
+<span style="color:#FFFFFF; background:#FF0000; font-size:30">Update to Version 4.7.6 or higher.</span>
-=Year End 2023=
+=Year End 2024=
 <p><b></b></p>
-<p>Keystone 4.4.3 and higher includes 2024 tax rate changes to federal and some state taxes. See the [[New Keystone Releases|Release Notes]] for more information.</p>
+<p>Keystone 4.7.6 and higher includes 2025 tax rate changes to federal and some state taxes. See the [[New Keystone Releases|Release Notes]] for more information.</p>
 <p>Please update Keystone to the latest version throughout the month of January to make sure you have the latest federal and state tax rates.</p>
-*There are no changes to the printed W2 form for 2023.
+*Keystone 4.7.6 has been updated with 2024 changes for e-filing W-2s.
-*There are no changes to the printed W3 form for 2023.
+*January 31, 2025 is the deadline for E-File and Printed W-2s.
-*Keystone 4.4.3 has been updated with 2023 changes for e-filing W-2s.
+*SSA.GOV W-2 information for 2024:  https://www.ssa.gov/employer/
 *'''ACA''' Reporting: See [[Payroll: ACA Reporting]] to determine if you need to file 1094/1095.  Typically any employer with greater than 50 employees.
 *Use Keystone to prepare and upload data to our online service partner.  See: '''[[W-2 Filing Web Service]]''' for more information.
 *<b>The following states do not require *state* filing of W-2 forms: AK, CA, FL, NH, NV, NY, SD, TN, TX, WA, WY.</b>
 <!--  ** OLD **
@@ Line 24: / Line 24: @@
 -->
-==Notes for 2023 Year End==
+==Notes for 2024 Year End==
 *Two programs we recommend to enhance year end maintenance:
@@ Line 33: / Line 33: @@
 **Keystone has the ability to track these health insurance costs.  Keystone payroll users have 2 options:
 ***Follow the special procedures in Keystone to track employer paid health insurance.  See '''[[Payroll: Year End Modifications]]'''
-***Calculate and manually enter employer paid health insurance at the end of 2023.  Using the new program '''[[Payroll: Adjust Definition Balances|Adjust Definition Balances]]''' makes this much easier.
+***Calculate and manually enter employer paid health insurance at the end of 2024.  Using the new program '''[[Payroll: Adjust Definition Balances|Adjust Definition Balances]]''' makes this much easier.
 Also see: '''[[Payroll: Health Insurance|Health Insurance]]'''
@@ Line 42: / Line 42: @@
 *Make a backup to file and save in a permanent location.  see [[Keystone Database Backup]]
 *[[Web Update]] to the latest Keystone version.
-*'''Review '''[[Payroll: Health Insurance|Health Insurance]]''' and determine if you need to run [[Payroll: Year End Modifications|Year End Modifications]]  to configure health insurance reporting information for 2023.
+*'''Review '''[[Payroll: Health Insurance|Health Insurance]]''' and determine if you need to run [[Payroll: Year End Modifications|Year End Modifications]]  to configure health insurance reporting information for 2024.
-*Set up Payroll Periods for 2024.  see [[Setup Periods]]
+*Set up Payroll Periods for 2025.  see [[Setup Periods]]
 ====Set Up Retirement Plan Limits====
@@ Line 51: / Line 51: @@
 *Update the annual limit amount.
 [[Image:PR CoDefAdj 401k.PNG]]
-:NOTE: Check for changes to retirement plans for 2024
+:NOTE: Check for changes to retirement plans for 2025
 For Employees who qualify for the higher catch up limit:
@@ Line 74: / Line 74: @@
 ==Processing W2s==
 *Determine if Health Insurance needs to be reported. See: '''[[Payroll: Health Insurance|Health Insurance]]'''
-*'''Verify all year end balances are correct for 2023'''
+*'''Verify all year end balances are correct for 2024'''
 *Update '''[[PRFMW2S|W2 Setup]]'''
 **Make sure to update this for health insurance reporting if required
 **Make sure all States are complete with up to date E.I.N. codes
 *Print W-2 Audit list by using '''[[Payroll: Print W2s|Print W2s]]''' and selecting Audit List.
-*If you choose the new premium services finish filing with '''[[W-2_Filing_Web_Service]]'''.  Otherwise continue...
+*Finish filing with '''[[W-2_Filing_Web_Service]]'''.
 *'''[[Payroll: Print W2s|Print W2s]]'''
 **'''Verify W2 Values'''
 <!--
 *'''[[W2 E-File Export]]'''
@@ Line 87: / Line 91: @@
 ::NOTE: Accuwage is designed to verify the '''Federal''' W2 E-File. Though it may work for some states, in general it should only be used to validate the Federal file. For some states, it may report errors where there are none.
 -->
 NOTE:  Payroll may be run in the new year before the prior year W2s are printed.  Payroll runs in the new year will not affect prior year W2s.
@@ Line 108: / Line 110: @@
 If required continue on to [[Payroll: ACA Reporting]]
-=Tax Year 2024=
+=Tax Year 2025=
-*Keystone 4.4.3 has been updated with new 2024 FEDERAL income tax rates and Social Security and Medicare income thresholds as well as the following state income tax rates:
+*Keystone 4.7.6 has been updated with new 2025 FEDERAL income tax rates and Social Security and Medicare income thresholds as well as some state income tax rates.
 (To be announced)
 CA, CO, IA, ID, IL, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NJ, NM, NY, OH, OR, PA, SC, VT, WA, WV, WY.
 *The following state income tax rates have been updated: NY, OH.

@@ Line 99: / Line 99: @@
 ==Preparing Keystone Data for 1095==
 *Employee Maintenance contains an "ACA" tab for employee level entries related to the ACA [[Payroll: Employee File Maintenance]]
 ==Processing ACA Forms (1094/1095)==

@@ Line 16: / Line 16: @@
 *'''ACA''' Reporting: See [[Payroll: ACA Reporting]] to determine if you need to file 1094/1095.  Typically any employer with greater than 50 employees.
 *Use Keystone to prepare and upload data to our online service partner.  See: '''[[W-2 Filing Web Service]]''' for more information.
+*<b>The following states do not require *state* filing of W-2 forms: AK, CA, FL, NH, NV, NY, SD, TN, TX, WA, WY.</b>
 <!--  ** OLD **

@@ Line 15: / Line 15: @@
 *SSA.GOV W-2 information for 2023:  https://www.ssa.gov/employer/
 *'''ACA''' Reporting: See [[Payroll: ACA Reporting]] to determine if you need to file 1094/1095.  Typically any employer with greater than 50 employees.
+*Use Keystone to prepare and upload data to our online service partner.  See: '''[[W-2 Filing Web Service]]''' for more information.

@@ Line 1: / Line 1: @@
 <!--  -->
-<!--<span style="color:#FFFFFF; background:#FF0000; font-size:30">Preliminary Notes for 2022</span> -->
+<!--<span style="color:#FFFFFF; background:#FF0000; font-size:30">Preliminary Notes for 2023</span> -->
 <span style="color:#FFFFFF; background:#FF0000; font-size:30">Update to Version 4.1 or higher.</span>
-=Year End 2022=
+=Year End 2023=
 <p><b></b></p>
 <p>Since there are no changes to either the W-2 or W-3 forms this year, Keystone 4.1.0 and higher will correctly print these forms.</p>
@@ Line 10: / Line 10: @@
 <p>Please update Keystone to the latest version throughout the month of January to make sure you have the latest federal and state tax rates.</p>
-*There are no changes to the printed W2 form for 2022.
+*There are no changes to the printed W2 form for 2023.
-*There are no changes to the printed W3 form for 2022.
+*There are no changes to the printed W3 form for 2023.
-*Keystone 4.1.0 has been updated with 2022 changes for e-filing W-2s.
+*Keystone 4.1.0 has been updated with 2023 changes for e-filing W-2s.
 *January 31, 2024 is the deadline for E-File and Printed W-2s.
-*SSA.GOV W-2 information for 2022:  https://www.ssa.gov/employer/
+*SSA.GOV W-2 information for 2023:  https://www.ssa.gov/employer/
 *'''ACA''' Reporting: See [[Payroll: ACA Reporting]] to determine if you need to file 1094/1095.  Typically any employer with greater than 50 employees.
@@ Line 34: / Line 34: @@
 <!--  ** OLD **
-====2022 W2 E-File====
+====2023 W2 E-File====
 *The following states are supported by the W-2 E-File Export option: AL,CO,CT,GA,IA,IL,IN,KS,KY,LA,MA,MI,MN,MO,MS,MT,NE,OH,OK,OR,PA,RI,SC,VA,WI.
 *If you need to electronically file W-2s for a state not listed above, you must use the Federal & State W-2 Export option on the Web Portal Export/Filing menu. (This is a premium service that involves a per-employee fee.)
 -->
-==Notes for 2022 Year End==
+==Notes for 2023 Year End==
 *Two programs we recommend to enhance year end maintenance:
@@ Line 48: / Line 48: @@
 **Keystone has the ability to track these health insurance costs.  Keystone payroll users have 2 options:
 ***Follow the special procedures in Keystone to track employer paid health insurance.  See '''[[Payroll: Year End Modifications]]'''
-***Calculate and manually enter employer paid health insurance at the end of 2022.  Using the new program '''[[Payroll: Adjust Definition Balances|Adjust Definition Balances]]''' makes this much easier.
+***Calculate and manually enter employer paid health insurance at the end of 2023.  Using the new program '''[[Payroll: Adjust Definition Balances|Adjust Definition Balances]]''' makes this much easier.
 Also see: '''[[Payroll: Health Insurance|Health Insurance]]'''
@@ Line 57: / Line 57: @@
 *Make a backup to file and save in a permanent location.  see [[Keystone Database Backup]]
 *[[Web Update]] to the latest Keystone version.
-*'''Review '''[[Payroll: Health Insurance|Health Insurance]]''' and determine if you need to run [[Payroll: Year End Modifications|Year End Modifications]]  to configure health insurance reporting information for 2022.
+*'''Review '''[[Payroll: Health Insurance|Health Insurance]]''' and determine if you need to run [[Payroll: Year End Modifications|Year End Modifications]]  to configure health insurance reporting information for 2023.
 *Set up Payroll Periods for 2024.  see [[Setup Periods]]
@@ Line 89: / Line 89: @@
 ==Processing W2s==
 *Determine if Health Insurance needs to be reported. See: '''[[Payroll: Health Insurance|Health Insurance]]'''
-*'''Verify all year end balances are correct for 2022'''
+*'''Verify all year end balances are correct for 2023'''
 *Update '''[[PRFMW2S|W2 Setup]]'''
 **Make sure to update this for health insurance reporting if required

@@ Line 65: / Line 65: @@
 *Stretch the width of the screen or scroll to the right until you see the factor name for annual limit
 *Update the annual limit amount.
-[[Image:PR CoDefAdj 401k.JPG]]
+[[Image:PR CoDefAdj 401k.PNG]]
 :NOTE: Check for changes to retirement plans for 2022