What Payflo files for you
- Form 941 quarterly, or Form 944 for small annual filers
- Form 940 annually for federal unemployment
- State withholding and unemployment returns in every registered jurisdiction
- W-2s and 1099-NECs, filed and distributed by January 31
Deposit deadlines
Deposits are separate from returns and are usually what triggers penalties. Semi-weekly depositors owe funds within three business days of the pay date; monthly depositors owe by the 15th of the following month.
Payflo schedules deposits automatically from your pay dates. The one thing you control is having funds available — a failed debit is treated as a missed deposit.
Wage and hour rules
Payflo calculates overtime at 1.5x for hours past 40 in a workweek, and applies daily overtime in states that require it. Exempt classification is your call, and it is the most common source of back-pay exposure.
Recordkeeping
Federal rules require payroll records for at least three years and the calculations behind them for two. Payflo retains everything for seven years and exports it on demand, which covers every state requirement we are aware of.