Complete your tax profile

Now that you've entered all employee details, Wave can calculate the employee portion of taxes. Completing your tax profile is the next step – this allows Wave to calculate your portion of payroll tax liabilities and remind you when tax payments are coming due.

Payroll by Wave is currently only available in North America.

Follow the below steps to complete your Tax Profile:

  1. Click Settings > Tax Profile.
  2. Enter your Federal Employer ID Number. Click Save. This number (also known as your EIN) is required if you have employees in the US. Apply for an EIN.
  1. Enter your payment frequencies.
  2. Enter your State Employer Number.
  3. Fill in your tax rates and select the "effective as of" date.
  4. If you are exempt from federal or state unemployment tax, click on Are you exempt from this tax? Select the "effective as of" date. 

    Note: If you're uncertain of these tax rates, you can use the Wave defaults. These defaults have been designed to help avoid penalty scenarios and will use the maximum tax rate and minimum employee allowances.

  1. Click Settings > Tax Profile.
  2. Enter your CRA Payroll Account Number. Click Save. This number is required if you have employees in Canada. Learn more about applying for a Payroll Account Number here.
  3. Enter your payroll remittance frequency for the CRA.

You're all set! When you approve your first payroll, you can view the Tax Liabilities page to see which payroll taxes are coming due, when, and to whom. Just remember to update your tax profile accordingly if you are ever informed of a rate of frequency change for your business.

Your next steps will depend on your payroll history.

Have you run payroll this year outside of Wave? If so, you'll need to enter this information in order to accurately complete quarterly and annual filings. On to Entering Payroll History.

If you're a new employer and/or have not run payroll this year, you can skip ahead and fill out the Direct Deposit Application.

No payroll history to enter and  you prefer to pay your employees by check? Go directly to Entering Employee Hours.

Click here to continue