Depositing Employment Taxes
- In general, you must deposit federal income tax withheld, and both the employer and employee social security and Medicare taxes.
- There are two deposit schedules, monthly and semi-weekly. Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use.
- To determine your payment schedule, review Publication 15 for Forms 941, 944 and 945.
- Deposits for FUTA Tax (Form 940) are required for the quarter within which the tax due exceeds $500. The tax must be deposited by the end of the month following the end of the quarter.
- You must use electronic funds transfer (EFTPS) to make all federal tax deposits.
CHIP Notices
- Must be provided when an employee is initially eligible and annually thereafter
COBRA Notices
- Must be provided when an employee/dependent is initially eligible for coverage AND must be included in the Summary Plan Description.
- There are also specific time frames when a qualifying event occurs that an employee/dependents must be notified. Generally, the employer has 30 days to notify the plan administrator of a qualifying event and the plan administrator has 14 days to notify the employee/dependents.
Form I-9
- Section 1 must be completed by the employee on the first day of hire.
- Section 2 must be completed by the employer (or employer representative) by the third day of the individual’s hire date.
Notice to Employees of Marketplace Coverage Options
- Must be provided to employees when they initially are eligible to enroll in group health insurance benefits and annually thereafter.
- There are two different notices available…one for those that offer group health insurance and one for those who do not.
Harassment Training – It’s recommended that harassment training for both employees and supervisors/managers be conducted annually. It’s also recommended that employers re-distribute their policies regarding harassment/discrimination at the same time. NOTE: Some states require harassment training on an annual or periodic basis for both managers/supervisors and employees.
Review/Revise Handbook – It’s recommended that employers review and make necessary revisions to their handbook each year. Many employers try to time this so that a new handbook or appropriate revised policies would be issued in time for the New Year.
Workers’ Compensation – Ensure your company has a process for reporting work-related injuries/illnesses. Depending on the state in which you operate, employees have a specific timeframe in which to report work-related illnesses/injuries to the company. The company has a specific timeframe in which to report those illnesses/injuries to the workers’ compensation carrier. For example, in Florida employees have up to 30 days to report a work-related injury or illness and employers have 7 days from when they learn of the work-related injury/illness to report it to the workers’ compensation carrier.
