Year-End Bonuses & High Dollar Limits
Considerations for Bonuses
As a reminder, our system closes out 2024 and locks in the data for your W2s on your last payroll.
Holiday Bonus Payrolls for Employees
Reach out to [email protected] about whether you plan to include them in a regular payroll or if you are running an off-cycle payroll, so we can coordinate details and provide instruction on entry of the payroll.
IF THE BONUS IS NOT PART OF THE REGULAR PAYROLL, please contact us BEFORE entering any data in isolved as a “Special Payroll Run” must be created. There are additional fees for payrolls run after your payroll has closed for 2024 as the W2 data must be recalculated.
Year-End Payrolls (typically to owners/ shareholders)
This typically includes Sub S Health Insurance, Maxing out Retirement Contributions, Auto Allowance, and Tax adjustments from your accountant. Please contact your accountant immediately if they are providing those amounts.
Reach out to [email protected] about by 12/13 if you are running this AFTER your last payroll of 2024 is processed.
Large Bonuses
Please note if you are going to have LARGE bonus payrolls, please contact support to coordinate the processing. Our banks do have different processing requirements if:
- Any payroll exceeds $500,000 (direct deposits total only; excludes payroll taxes and billing); and/or
- Any payroll that includes one individual receiving $100,000 or more
A wire may be required in these circumstances. Our support team will help you determine the best option for high-dollar amounts.