The end of the year can come up on you fast! In preparation, we’ve crafted a list of things to take care of in order to wrap up the year successfully.
Verify your Justworks profile information
Confirm the accuracy of important information in your Settings, such as your home address, mailing address (if applicable), your first and last name.
Double check your filing status
You may want to log in to Justworks to confirm your withholdings are set up the way you want them. You can always change them for your payroll going forward as well as add in any additional withholding you’d like to have applied to your pay.
You can use the “additional withholding amount” field if you would like to adjust your withholding applied to your regular salary or wage paychecks. If you’d like to designate additional withholding amounts on any end-of-year supplemental payments such as bonuses, please let your company’s Justworks admin know. Any adjustments will only be applied prospectively.
It’s also important to note that any extra payments that you might receive towards the end of the year, such as bonuses and/or commissions, may be taxed differently than your regular salary or hourly payments. If you don’t regularly receive supplemental payments, you may see a higher-than-usual tax rate, since supplemental payments often carry a federal tax rate of 22%, in addition to state and local taxes.
Go paperless (if you want to)!
Justworks gives you the ability to choose a digital only copy of your W-2. You can opt into electronic only delivery of your W-2 by logging into Justworks and changing your settings here.
If you don’t opt into paperless, you’ll receive both an electronic copy in your Justworks account and a paper copy in the mail to the home address you have in Justworks. Alternatively, if you have a mailing address different from the home address in Justworks and want to receive your W-2 there, you can add this by going to your Account Settings page. Your Form W-2 will be available by the end of January. We’ll let you know once it’s available.
Want to max out your 401(k)?
If you have a 401(k) and want to contribute the annual maximum, now’s the time to adjust your deferrals. If you have a 401(k) through Slavic, you can change your deferrals here. Be sure to make changes to your deferrals at least 5 business days before payday to ensure your change is captured in time for payroll processing.
If you have a 401(k) outside of Justworks, you should speak directly with your employer or your 401(k) provider to make changes.
If you joined Justworks during 2023, please be mindful of this year’s contribution limits in case you also contributed to another plan during the year.
- $22,500 for employees aged 49 and under
- $30,000 for employees aged 50 and over.
Contributions made by your employer do not count towards these maximums.
Contributions won’t automatically reset in the new year, so don’t forget to update your contributions, if desired.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.