• Summit Bookkeeping

January 2022 | Important Dates & What's New

Happy new year! We hope you had a wonderful and restful holiday season. Now, it’s time to get back to work. January is a very busy time for bookkeeping and tax reporting, so here's a summary of what’s due and what’s new.


Important Dates


January 18, 2022

  • Quarterly Estimated Tax Payments for Q4— IRS

January 25, 2022

  • Monthly DOR Filers: Excise Tax Return — DOR

January 31, 2022

  • Employer's Quarterly Federal Tax Return (Form 941) for Q4 — IRS or Employer’s Annual Federal Tax Return (Form 944) for 2021 — IRS*

  • Employer’s Annual Federal Unemployment (FUTA) Tax Return (Form 940) for 2021 — IRS

  • Form W-2, Wage and Tax Statement — Provide to employees & IRS

  • Form 1099-NEC, Nonemployee Compensation — Provide to contractors & IRS

  • State Unemployment Insurance (SUI) Report and Payment for Q4— ESD

  • L&I Report and Payment for Q4 — L&I

  • Quarterly DOR Filers: Excise Tax Return for Q4 — DOR

  • Quarterly City of Bellingham Filers: B&O Tax Return for Q4 City of Bellingham

  • Monthly City of Bellingham Filers: B&O Tax Return City of Bellingham

*Form 944 is only used by small employers who have been notified that they should file an annual return instead of a quarterly one (Form 941)


Please note that all businesses are different and you may have other deadlines that apply to you. If you have questions related to your business or industry, you should contact your accountant or bookkeeper.


What's New

As we head into the new year, we will see changes in the minimum wage, premiums, and state taxes. If you are a client of ours and have a rate change that is specific to your business, please let us know so we can update it in our system.


WA Cares Fund: Employer Update

As part of the 2022 legislative session, which is scheduled to conclude in March 2022, there are plans to change and improve the WA Cares Fund. The ESD will not be collecting premiums from employers until April 2022 or until the Legislature gives further direction.


The existing law still directs employers to begin collecting premiums from employees beginning January 1, 2022, but each employer may decide whether they will implement the law as it stands or wait for legislative action. If we process your payroll, please let us know how you would like us to handle this premium for your employees. Learn more here.


Paid Leave Premium Rate Increase

Starting January 1, 2022, the premium rate for Washington Paid Family & Medical Leave will be 0.6%, an increase from 0.4%. Learn more here.


Minimum Wage Increase

Starting January 1, 2022, Washington's minimum wage will be $14.49, up from $13.69, per hour. Learn more here.


Workers' Compensation Insurance Increase

Beginning January 1, 2022, the Department of Labor & Industries (L&I) approved a 3.1% overall average increase for workers' compensation rates. This is an average, which means that some employers will see larger increases while others will see their rates go down. Learn more here.


Washington Unemployment Insurance Rates

The Employment Security Department has started sending out tax rate notices for the 2022 unemployment-insurance program that will apply for the entire calendar year. The rate is different for each employer, so it's important that you know your specific rate when processing your payroll. Learn more here.


 

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