If you're switching to Wave Payroll mid-year, you will be prompted to enter your historical payroll data during the setup process. The payroll setup process walks you though what you need to enter to help ensure employee tax forms and pay stubs are accurate!
No matter when you get started with Wave, you need:
- Employee information, including W-4s and applicable state withholding forms
- If you are going to pay your employees via direct deposit, don’t forget their bank information!
Your business tax information, including FEIN and state payroll tax identifiers
If you’ve already paid employees this year, you need:
- Quarterly payroll reports for the current calendar year - Wave will ask you for information contained in these documents while you complete setup for the first time. Make sure you get these from your previous payroll provider so that your calculations and filings are correct
Since Wave will only have quarterly summaries of your payroll history based on what you enter, make sure you keep a complete copy of your original payroll information for your records!
Setting up payroll tax payments and filings
If you're switching payroll providers during the year, you probably want to be sure your tax payments and filings aren't interrupted. Follow these tips to help make the switch seamless!
- Make sure your businesses is located in one of 14 states where Wave offers payroll tax payments and filings
- If you already paid employees this the year, make sure you complete the prior payrolls section of payroll setup. Even the employee is no longer working for you, you'll need to include them so that they are included in your annual filings at the end of the year
- To ensure your tax service starts when you approve your first payroll, set up payroll tax payments and filings before running payroll with Wave
- Review the Taxes section of your payroll account to make sure the paid taxes match the records from your previous payroll provider. Need to make changes? Click the help button at the bottom right corner of your account, and Wave's support bot Mave will connect you to a support team member who can help out!
Household employers are required to deposit taxes against and file IRS Schedule H, which Wave's payroll tax payments and filings do not support. Household employers can take advantage of the great self-serve features available in Wave Payroll, including payroll calculations, direct deposit for employee pay, and W-2 generation at year end, but are not able to take advantage of tax service.