2020 End of Year Memo
This memo will answer frequently asked end of year questions
and explain what you can expect from Palco as we close out 2020.
W2 Forms
The IRS requires that all 2020 W-2s be mailed to employees no later than January 31, 2021. Palco will mail all W-2s through the United States Postal Service. If you do not receive your W-2 by February 15, 2021, please contact our customer service team and they will assist you with reissuing.
Payroll Schedules
Programs that require an updated payroll schedule will be published in December of 2020 for the 2021 calendar year. Please visit your program page on the Palco website to download a copy.
Minimum Wage
Did minimum wage change in your state? If you live in Arkansas, Colorado (The City of Denver increased the standard minimum wage for all citywide workers), Nevada, or New Mexico, your minimum wage standards will increase in 2021. Make sure you review your employee wages and take the necessary steps to ensure you comply with your state’s minimum wage practices.
FICA Refunds
If you are an employee who did not meet the annual FICA (Social Security and Medicare) threshold for 2020, Palco will file all required amended payroll tax returns and issue payments for instances where there have been over-collected taxes from employees’ compensation. The employee will receive refunds of over-collected Social Security and Medicare taxes directly from Palco. These refunds will be paid to the employee in January immediately following year-end. The employee should not file a claim for a refund of over-collected Medicare or Social Security with the IRS. For more information about over-collected FICA taxes, please contact the IRS or go online to review Publication 15, Circular E- https://www.irs.gov/publications/p15
Change of Information
If you or your employees have changed any of your information in 2020, we need to hear about it!! Please update Palco immediately for any changes in your address, phone numbers, emails, or other important details. You can find a change of information form on our website or request one by contacting our customer service team.
