To assist you with your year-end processes, we’ve inserted our PMFL documents and 2024 Year-End Procedures for your convenience. These resources are designed to help you transition smoothly into the new year.
PMFL
STARTING JAN. 1, 2025:
The total premium rate will be 0.92%.
Employers will pay 28.48% (0.0026202) of the total premium and employees will pay 71.52% (0.0065798).
Employers will continue to report each employee’s total gross wages, not including tips, and collect premiums up to the Social Security cap ($176,100 in 2025).
*Once an employee meets the Social Security cap, you must stop collecting premiums but continue to report their wages.
Vision W2 and IRS e-file Changes
• We continue to be certified to print W2 forms on standard printer paper. Also, Payroll will create an electronic data file that can be uploaded directly to the SSA's website.
IRS W2 Changes
There have been no format changes for W-2's this year. Please refer to 2024 IRS W2 and W3 Instructions for further instructions. Please refer to the How To - Vision W2's, New W4 Setup and 1099's provided with the links below.
The 2025 Publication 15 (Circular E) is available for downloading. You may also refer to Federal Income Tax Withholding Methods (Publication 15-T). Note the social security rate remained at 6.2% for employee and employer for a total of 12.4% with a cap of $176,100 and Medicare tax remained at 1.45% for employee and employer for a total of 2.9% with no wage cap.
Note: If you have multiple Social Security and Medicare rates, adjust accordingly.
Helpful Links:
Year-End Procedures (Vision)
Here are some helpful hints for preparing 2024-year end. Remember there is no year change in Vision!
Financial Year-End Tips
Process 1099s in the Forms menu. (How To - Vision 1099's)
508.xx (select either Restricted - 31 Committed – 41 Unassigned - 91 Assigned - 51 Non-spendable - 21) Ending Fund Balances are New General Journal debit postings.
All state schedules and annual reports are provided in the Washington folder of the Reports home page.
Backup data to appropriate media(disk, flash drive, etc.) and hold for the WA State Auditor's request. (located in the Vision backups folder)
Electronic Schedule 01 for the state is located in the Washington folder of the Reports page. (Export to CSV or Excel and send to State Auditors)
Set up Council Meeting dates for 2025Â in Setup Fiscals on Home page.
2025 Budget in Budget Forecasting. (How To Guide Financials)
308.xx (assign to either Restricted - 31 Committed – 41, Unassigned - 91 Assigned - 51 Non-spendable - 21) Beginning Fund Balances are New General Journal credit postings.
Open Period
You have the ability to set up a December 2024Â Open Period council meeting for 2024Â obligations.
Go to Setup Fiscals on Home Page of Financials.
Highlight 2024Â in the Fiscal column and December in the Period column.
Click the + button above the Council Date to add the meeting for open period payments.
It is recommended that a new Council Meeting also be set up in the month of December for 2024Â correction period as well. All end of year corrections will be easily identifiable.
Reports to Run for Financials
To create a set of paperless reports:
Create a new folder 2024Â End of Year in desired location.
Run desired reports, select Acrobat (PDF) file format, and Export, save report in 2024Â folder.
Reports may be printed if desired
All report parameters should include the fiscal year desired, and all periods within that year
Account Activity - Rendered for Excel (this report is not for printing, there are too many columns)
Outstanding Transaction Directory
Register
Transaction Activity
Vendor Activity
Annual Reports are in the Washington folder on Reports home page
Payroll Year-End Tips
Process W-2s in the Forms menu. (How To - Vision W2's)
Remember, payroll for 2025 may be processed before W-2s are printed.
Set up Pay Periods for 2025 in Setup Pay Periods on Home page.
Update Medical/Dental/Vision premiums are usually done in December.
Change new L&I and Employment Security rates in Components.
Remember, rate changes for all components may be changed very quickly by selecting the component, clicking on the Employee tab, and changing all employee amounts on one screen
Washington State Specific Payroll Deductions
As PMFL varies based on the number of employees
Vision will not be updating the rate automatically.Â
Don’t hesitate to reach out if you need assistance: Support@Visonms.net.Â
Reports to run for Payroll
Benefit Summary (for each Component Group)
Component Activity
Component Directory
Component Employee Directory
Cost Center Account Activity (Detail option)
Cost Center Timesheet Activity
Employee Activity
Employee Component Directory
Paycheck Activity
Paycheck Detail Activity
Payroll Distribution
Register
Timesheet Activity
Timesheet Summary Activity
Best of luck on your end of year activities, don't hesitate to contact us, if you need assistance!
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