What do I need to get started with Payroll by Wave?

Starting from scratch can be a pain, but when it comes to getting started with Payroll by Wave, we’ve got you covered! Below, you can find a checklist of all the things you’ll need to have in front of you when you’re setting up your Payroll by Wave account.

Where are you doing business?

The United States

Item Description
EIN Your EIN (Employment Identification Number) is the number issued to you by the IRS to identify your business as officially registered with the government. You can find this number on your business’s articles of incorporation, your CP575A notice, or on a tax return.
State Identifier Your State Identifier is essentially the same thing as your EIN, but at the state level. Sometimes this is referred to simply as your identifier; in other cases, you’ll see things like “account number” or “account ID”. Your state identifier can be found on any letter addressed to your business from your state’s department of revenue or labor.
Business Details Business details are pretty straightforward: What’s your address? When did you incorporate? What type of business are you (corporation, S-Corp, partnership, sole proprietorship)? What do you produce or sell/what type of service do you provide?
Company Signatory Your company signatory is the individual in your business who has signing authority on behalf of the company. If you run the business by yourself, then you are the company signatory! If you have partners or a CFO/CEO/COO and you wish for one of them to be represented as the company signatory, make sure to have their information on hand when getting started. This would include things like their date of birth, address, SSN, phone number, and oh, of course, their name!
Tax Rates and Frequencies Payroll taxes are withheld from every payroll so that they can be remitted to the IRS and your state revenue agency. Each business has its own deposit and filing frequency. If you don’t know your rates or deposit and filing frequencies, we’ve got you covered! Just click the “How can I determine this?” link, in the Tax Profile section and we’ll ask you a series of questions that will help us determine your rate or frequency, depending on which part you’re stuck on.
Employee Details If you’re running payroll, you most certainly have at least one employee that needs to be paid. Employees also have tax rates, so make sure to download and send a W4 form to your employee(s) so that you’re able to determine their rates for certain tax liabilities. Please also make sure you have your employee(s)’s date of birth, address, SSN, date of hire, and of course their salary/wage….and their name! If you plan on paying your employee(s) with Direct Deposit, make sure to collect a void cheque from each employee so that you have their banking information on hand.
Payroll History If you've run any payrolls this year before moving to Wave, make sure you have your payroll history on hand to enter into Wave to ensure the accuracy of your tax reporting moving forward. You can get this information by generating a Wage & Tax Report in your previous payroll software.

Canada

Item Description
CRA Payroll Number Your CRA Payroll Number is the number issued to you by the CRA to identify your business as officially registered with the government. You can find this number on your business’s articles of incorporation, or on a tax return. Example: 12345 1234 RP0001
CRA Tax Remittance Deposit Frequency

You are going to be remitting taxes to the CRA. The frequency at which you will make these remittances depends on how much you withhold in payroll taxes on a monthly basis. Please see the options below to determine which frequency applies to your business:

  • Monthly: You withhold between zero and $24,999.99 in taxes on a monthly basis
  • Threshold 1: You withhold between $25,000.00 and $99,999.00 on a monthly basis
  • Threshold 2: You withhold $100,000.00 or more on a monthly basis
Business Details Business details are pretty straightforward: What’s your address? When did you incorporate? What type of business are you (corporation, partnership, sole proprietorship)? What do you produce or sell/type of service do you provide?
Company Signatory Your company signatory is the individual in your business who has signing authority on behalf of the company. If you run the business by yourself, then you are the company signatory! If you have partners or a CFO/CEO/COO and you wish for one of them to be represented as the company signatory, make sure to have their information on hand when getting started. This would include things like their date of birth, address, SIN, phone number, and oh, of course, their name!
Funding Account If you plan on using Direct Deposit to pay your employees, or if you'd like Wave to automatically handle your tax payments with each payroll you approve, be sure to have a void cheque on hand for the bank account that you'd like any payments to come from!
Employee Details If you’re running payroll, you most certainly have at least one employee that needs to be paid. Employees also have tax rates, so make sure to download and send the TD1 to your employee(s) so that you’re able to determine their rates for certain tax liabilities. Please also make sure you have your employee(s)’s DOB, address, SIN, date of hire, and of course their salary/wage….and their name! If you plan on paying your employee(s) with Direct Deposit, make sure to collect a void cheque from each employee so that you have their banking information on hand.
Payroll History If you've run any payrolls this year before moving to Wave, make sure you have your payroll history on hand to enter into Wave to ensure the accuracy of your tax reporting moving forward. You can get this information by generating a Wage & Tax Report in your previous payroll software.