Wyoming Salary Paycheck Calculator
Wyoming actually doesn’t have many payroll taxes and paycheck rules, so getting up to speed is quick and easy. We’ve answered the most frequently asked questions below.
State payroll taxes in Wyoming
No state income tax
You read that correctly! Wyoming is one of a handful of states without a personal state income tax. So that’s one less thing to worry about.
Wyoming unemployment insurance
To provide unemployment benefits to qualified workers, Wyoming’s Department of Workforce Services collects unemployment tax from employers.
In 2022, the first $27,700 of each employee’s pay is subject to unemployment tax. Employers pay a rate that factors in their historical claims. Ajustments are made depending on the total unemployment trust fund balance, among other factors. Quarterly reports are due by the end of the month following the end of the calendar quarter.
Wyoming Workers’ Compensation insurance
Requirements to obtain Workers’ Compensation vary by state. This table outlines some of these requirements. If you determine that your company is required to purchase Workers’ Compensation insurance in your state, learn how to sign up for this insurance with Gusto. Sometimes, companies get a request for a workers’ comp audit—head to this article and click the workers’ comp audit reports dropdown for more information.
Other Wyoming paycheck rules
- Final paychecks: Final wages need to be paid on the next regularly scheduled pay date for all employees who leave.
- Salary threshold: Because the state of Wyoming doesn’t have its own salary threshold, it adheres to the federal salary threshold, which is now $684 per week (equivalent to $35,568 per year for a full-year worker). The Department of Labor permits employers to count some bonuses, commissions, and other incentive payments toward meeting the standard salary level (up to 10%). Employees who earn at least $107,432 per year may qualify as “highly compensated.” See this Department of Labor fact sheet for details.
- New hire reporting: Report new or rehired employees to the Wyoming New Hire Reporting Center within 20 days of their start date.
- Voting leave: With few exceptions, employers must provide one hour of paid time off to allow employees to vote in elections for their representatives in Congress.
Federal payroll taxes in Wyoming
Although Wyoming may be light on state payroll taxes, you don’t want to forget about federal payroll taxes. There are four key federal taxes you should know about.
| Federal Payroll Taxes in 2022 | ||
| Employer-paid | Employee-paid | Shared |
| FUTA | FIT | FICA |
| Additional Medicare |
FUTA
Like the state, the federal government also has an unemployment tax. It’s called FUTA and it’s an annual tax employers pay on the first $7,000 of each employee’s wages. The FUTA rate for 2022 is 6%, but many employers only have to pay 0.6% each year.
FUTA is most often paid to the IRS annually using Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return—but if you owe more than $500, you’ll have to make quarterly payments.
FIT
Federal income tax (FIT) is taken out of your employees’ pay to cover their annual federal tax liability. It’s essential to have employees fill out Form W-4 when they start working for you. The W-4 will include important information such as the employee’s tax filing status and number of dependants. Use the completed Form W-4, along with tax tables, to make the FIT calculation. An easier and quicker way is to use payroll software. With just a few clicks of the mouse, the software will do the math for you.
You’ll need to send the FIT you collect from employees to the IRS either monthly or semi-weekly, depending on how much tax you collected. The IRS has a helpful tax guide that explains all the federal tax payment details.
Additional Medicare tax
The Additional Medicare tax applies to any employee earning more than $200,000 per year. In 2022, you’ll need to take out 0.9% of any wages over $200,000.
FICA
The Federal Insurance Contributions Act, or FICA tax, is made up of the Medicare tax and the Social Security tax. In 2022, the Social Security tax requires employers and employees to each contribute 6.2% of wages up to $147,000. The Medicare tax requires each to contribute 1.45% of all wages. See the IRS webpage for details, like maximum thresholds.
You’ll need to send any Additional Medicare tax you collect, along with the FICA tax, to the IRS at the same time you send the FIT.
Each quarter you’ll need to send in a summary report on Form 941, Employer’s Quarterly Federal Tax Return, that reconciles how much tax was due for FIT, FICA, and Additional Medicare with how much you paid. If there’s a shortfall, you’ll need to make a payment.
And that’s it! You made it. You’re ready to pay your workers and collect payroll taxes. And if you’re looking for someone else to do it for you so you can focus on growing your business, Gusto offers full-service payroll processing services to fit your needs.
Disclaimer
The information provided by the Employer Tax Calculator is for general information and estimation. All of the taxes or fees that apply to your business may not be accounted for, or fully up to date. Gusto, Inc. (dba “Gusto”) does not promise or guarantee that the information in the Employer Tax Calculator is accurate or complete, and Gusto expressly disclaims all liability, loss or risk incurred by employers or employees as a direct result or an indirect consequence of its use. By using the Employer Tax Calculator, you waive any rights or claims you may have against Gusto in connection with its use.