What is up with Colorado and the New W4 Form?
As of this writing, the employer gets to do some of the work when an employee completes a Form W4.
Any employee whose employment starts on or after January 1, 2020 must complete the new 2020 IRS Form W-4. The employer must calculate the required Colorado wage withholding using the Colorado 2020 Income Tax Withholding Worksheet (DR1098_2020). The State of Colorado has created a spreadsheet, which the employer can download to help with completing the Form DR1098.
The spreadsheet is available for downloading at the following web site: www.colorado.gov/pacific/tax/income-withholding-tables
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Also, in 2020, cities in Colorado can have their own minimum wage. Denver’s minimum wage increased to $12.85 for non-tipped workers.
Payroll Vault makes it easy for you to stay in compliance, from helpful wage reports and HR audits to electronic onboarding. You will also want to be sure your labor posters reflect the latest changes; our labor poster subscription makes staying in compliance simple. Call us today for a free payroll checkup to find out how we take the stress out of payroll.
