At the beginning of each year, NSM's Payroll and Human Resources Teams receive many questions and concerns regarding payroll taxes, benefit deductions and home addresses. Unfortunately, these questions usually occur as employees work on their prior year's tax filing. It’s always good to catch an issue, but ideally, you should catch any errors prior to the close of the tax year. Finding an issue as you file taxes is too late to fix the prior year’s withholding.
To avoid any tax errors, best practice is to look at each and every check stub in UKG. As you review your pay stub, you should carefully review both your earnings and deductions. Confirm the hours and pay and confirm your tax withholding. The HR and Payroll teams recommend reviewing the items below each quarter:
- Home Address: Is your home address current? This drives many taxes.
- Benefits: Are the correct benefits being withheld from your check?
- Federal Tax: Review your federal taxes withheld. Adjust your W-4 if needed.
- State Tax: Review your state taxes withheld. Adjust your state return as needed.
- Local Tax: If you live in one of these states, please review and check your local taxes. Reach out to payroll with any questions and updates.
- Contact Information: Are your phone number and email address up to date?
The IRS also recommends taxpayers review their W-4 annually.
Has your marital situation changed (newly married or divorced)? Did you have a baby? Do you have other sources of income? Did you withhold significantly too much or too little last year?
The IRS has an online calculator that can be helpful.
Click here for the IRS tool to estimate how much you should withhold in 2023. When in doubt, it’s always a good idea to consult a tax professional.
If you have any questions or need any help, please contact payroll@nsm-seating.com or HR@nsm-seating.com. |
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