If you have bonuses that you would like to pay your employees, we will process these separately from your regularly scheduled payroll. To ensure your bonuses receive the time and attention they need, we will process bonus pay runs only on Thursdays and Fridays. Please note, we require you to wire us your tax funds in the event your bonus run creates a $100k or higher tax liability. The last day to submit bonus info is Friday, December 18th.
Please email your answers to the following questions when you submit your bonus pay run information:
- What is the check date you will be using?
- Are they a secret?
- Are the amounts you provide to us gross (before taxes) or net (take-home)?
- If net, the company will be covering the employee taxes. Please tell us what taxes to include (Social Security and Medicare are required).
- Are there any special deductions such as 401(k), Simple IRA, etc. that should happen? Or are there any scheduled deductions that should NOT happen? Garnishment rules must still be followed. * Bonuses are considered “eligible wages” for SIMPLE IRA match purposes. Even if the employee does not want to contribute, you may need to match on bonuses if the employee’s YTD contributions are higher than the YTD employer match. Please let us know if you would like us to review this.
- Would you like payments made via direct deposit or live check? If live checks:
- How would you like them delivered? Hold in our office, USPS mail, or Kangaroo delivery?
- Would you like them signed?
- Would you like them in secure envelopes separate from one another?
- How would you like these bonuses taxed? Our system will default to normal W4 withholdings unless you tell us otherwise.