GoCo Embedded Payroll powered by Gusto, simplifies your payroll process by remitting certain payments on your behalf. Read on to learn which payments we handle, how to view these transactions, and what steps to take if you encounter any concerns.
Payments GoCo Embedded Payroll Powered by Gusto Makes on Your Behalf:
GoCo Embedded Payroll will automatically handle several types of payments for you, typically related to payroll and taxes, such as:
- Payroll taxes: GoCo Embedded Payroll calculates, files, and pays federal, state, and local payroll taxes.
- Employee wages: GoCo Embedded Payroll will pay your employees directly via direct deposit.
If you need to distribute a paper check you will need to do this internally as GoCo does not print and mail paper checks.
- Contractor payments: GoCo Embedded Payroll can pay your independent contractors if set up properly.
- Child Support payments: GoCo Embedded Payroll will remit child support deductions in all states except South Carolina. If you have employees with child support withholdings in South Carolina you can check out South Carolina Child Support Division for more details.
GoCo Embedded Payroll Powered by Gusto Does Not Make on Your Behalf:
While GoCo Embedded Payroll handles many payroll-related payments, there are some that you will need to manage independently:
- Non-payroll-related payments: For instance, supplier payments, rent, utilities, and other operating expenses are not handled by GoCo Embedded Payroll.
- Income Withholding Orders/Court Orders: For withholding orders that are not child support related, GoCo Embedded Customers will need to set up the deduction for the employee with the withholding order, but remit the payments directly to the agency on the order. Typical withholdings would be IRS or state liens and judgements.
- Unregistered or Incomplete state accounts: For companies operating in states where a payroll tax account has not yet been registered, GoCo Embedded Payroll is unable to support tax filings or payments until all necessary details are provided. Until then, you'll need to handle those filings and payments independently.
- Benefits Payments: Most GoCo Embedded Payroll customers will need to remit payments to benefits carriers directly, including 401K and HSA, unless you are utilizing a GoCo integration with one of our integrated partners.
GoCo Embedded Payroll is powered by a robust partnership with Gusto. Payroll tax debits related to tax will reflect Gusto TAX on your bank statements, and payments will be remitted to tax jurisdictions under Gusto. For more information on GoCo partnership with Gusto check out What is Embedded Payroll?
Where to Find Payment History
To check your company's history or money debit for pay runs during any period in GoCo Embedded Payroll, you can elect to run a general ledger report. This report will showcase the amounts of net wages, taxes, and other payroll deductions. Please know that this report will not reflect filing and payment frequency but will be a good tool for reconciliation of amounts debited from your account for payroll purposes.
Check out this Guide: How to Run a General Ledger Report in GoCo
Why was my bank account debited, but the agency hasn’t received the funds yet?
With Agency Payments, it's important to understand the two different schedules: the payroll schedule and the agency deposit schedule.
- Payroll Schedule: This is the frequency at which your company processes payroll (e.g., bi-weekly or monthly). During this process, GoCo debits your bank account for the necessary amounts covering net pay, tax liabilities, and garnishments.
- Agency Deposit Schedule: This is the frequency at which payments are actually sent to the relevant agencies. While payroll may be processed bi-weekly or monthly, agency deposits might occur on a different schedule, such as monthly or quarterly.
GoCo Embedded collects your tax liabilities during each payroll cycle but remits the funds to the appropriate jurisdiction based on the specific agency deposit schedule you’ve set up. This means that although your bank account has been debited, the funds will be transmitted to the agency according to the designated schedule.
For more information on Payroll Tax Payments, Debits and Filings, check out Understanding Payroll Tax vs Payroll Filings
What if there is an issue with my agency payment?
Sometimes certain circumstances can rise, check out How to Resolve a Payroll Tax notice for common resolutions.
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Reach out to GoCo Support if the issue is from a filing period where you had active payroll with GoCo. Be mindful that issues from any time period prior to becoming active with GoCo Embedded Payroll will require you to reach out to your previous provider.
⭐ We highly recommend that GoCo customers confirm that at least one member of your staff have access to all your active payroll tax accounts. This is always where you will be able to obtain the most accurate up to date information related to agency payments and the correlating filings.
If you still have concerns reach out to our GoCo support team and we will help guide you through additional support.
For any additional questions, we’re happy to help! Reach out to us at help@GoCo.io. 💚
Disclaimer:
This article is not to be taken as tax, legal, benefits, financial, or HR advice. Since rules and regulations change over time and can vary by location, consult a lawyer or HR expert for specific guidance.