✨Happy holidays from Square Payroll ✨
There’s a lot going on this time of year and one thing that is top of mind for Square Payroll as well as many employers throughout the United States is ensuring employees’ Forms W-2 and contractors’ Forms 1099-NEC are filed correctly and on time. We are here to answer questions and make sure this time of year is as stress free as possible. If you are currently using Square Payroll, you should have recently received our year-end guide which provides you with a timeline, checklist and answers to frequently asked questions. We hope this helps prepare you for anything related to year-end payroll taxes.
Before Square Payroll begins filing your year end tax forms, we recommend that you check the settings, tax information, and business information on your account. Take action as soon as possible or at least before the respective deadline.
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Action
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Deadline
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Update State Unemployment Insurance (SUI) tax rate
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December 31, 2024, or before your first payroll run with a 2025 pay date
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Update IRS federal filing frequency
Note: Your business’ IRS deposit schedule and filing frequency are separate settings. Square Payroll automatically deposits all federal tax payments on a semi-weekly deposit schedule so there is no need to update the payroll settings. Federal Unemployment Tax payments are the exception and are deposited on a quarterly basis.
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December 31, 2024
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Update benefits, sick and/or paid time off
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Before your first payroll run with a 2025 pay date
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Review draft Form W-2s
Note: Draft Form W-2s are available year-round in your Tax Forms tab. Review early and reserve time for making corrections.
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December 31, 2024
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Review draft Form 1099-NECs
Note: Draft Form 1099-NECs begin generating on December 19, 2024. Review early and save time for making corrections.
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December 31, 2024
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Review and update paper mail settings for Form W-2 and/or Form 1099-NEC
Note: Mailed copies of forms W-2 and 1099-NEC incur a fee of $3 per employee or contractor.
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January 6, 2025
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Last day to run an off-cycle payment for 2024
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January 6, 2025
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Last day to update team member's name, SSN, and address on draft forms
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January 6, 2025
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Last day to delete a payroll run or a team member’s pay stub from your payroll history and exclude the pay and tax information from your filings. You must contact Payroll Support to request this.
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January 6, 2025
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Annual 2024 and Q4 2024 tax filings complete. Finalized Form W-2s and/or Form 1099-NECs are filed with the tax agencies and digital copies are posted to your online Square Dashboard. If you opt in to paper mail by January 6, 2025, physical copies will be mailed to each of your team members.
Note: Additional state filings for DE, IA, MI, NJ, OH and PA will be completed by the state deadline of February 28, 2025.
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January 31, 2025
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