[United States] Tax Service in Tennessee & New Benefits
LauraKavanagh
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Here are the latest updates for Wave Payroll for US Employers
Full-service payroll for business owners in Tennessee
For business owners in Tennessee, you now have access to Tax Services with Wave. This means that we'll pay and file your state and federal payroll taxes on your behalf so that you can save time on manual payments.
The full list of states with this service includes California, Texas, Washington, Illinois, Florida, North Carolina, Virginia, and New York. If you're currently in one of these states, you can apply for tax services at any time on your dashboard or setup hub.
Learn more about tax services with Wave.
New Benefit and Deduction modifications
You now have the ability to add additional deductions and modifications to your employee benefits and gross wages to help support your team for tax season updates.
These new modifications include:
HSA contribution
A before-tax (pre-tax) deduction that is subtracted from an employee's gross wages reducing taxable wages in Box 1, 3 and 5 on Form W2. The combined Employee and Employer Contribution amount is also reported under Box 12 code W.FSA Contributions
Dependent
A before-tax (pre-tax) deduction that is subtracted from an employee's gross wages reducing taxable wages in Box 1, 3 and 5 on Form W2. The contribution amount is also reported under Box 10.
Medical contributions
The contribution amount is not reported on W2
2% shareholder health insurance premium benefit
Medical, Dental, Vision premiums for <2% Shareholders. The premium amounts are taxed as wages for federal income tax purposes but do not affect Social Security and Medicare wages.s125 Cafeteria Plan
A before-tax (pre-tax) deduction that is subtracted from an employee's gross wages reducing taxable wages in Box 1, 3 and 5 on Form W2.