Wyoming New Employer Information
Congratulations on your decision to become a Wyoming new employer! You will need a few things in place before you run your first payroll. For help registering your business in Wyoming, check out our partner, CorpNet.
Federal and State Tax Accounts
Federal Tax Accounts:
- Apply for an Employer Identification Number (also known as an EIN or FEIN) if you don’t already have one. The simplest (and preferred way) is to apply for an EIN with the IRS online. There is no cost to apply for an EIN.
- To read more about applying for EIN’s, read our help article, “Your Step-by-step Guide on How to Apply for EIN.”
- Although it is not required, we recommend that you register for the Electronic Federal Tax Payment System (EFTPS). You can easily register online. This account will be helpful for you to make tax payments online, or view whatever tax filings have been made on your behalf by Patriot.
- To find out more about the EFTPS, please read our article, “What Is EFTPS?”
State of Wyoming Tax Accounts:
- Wyoming new employers will need to register online with the WY Department of Workforce Services for their state unemployment insurance (SUI) account and their Workers’ Compensation (WC) account.
- New employers in Wyoming are given their state unemployment tax assessment (SUTA) rate based on the average contributions paid by their major industrial classification for the calendar year preceding the year in which they first employed workers in the state, plus any adjustment factors. For more information on unemployment tax rates, click here.
- The WY Department of Workforce Services will mail you your SUTA tax rate after registering for your state unemployment insurance account.
- Every year, you will be assigned a new SUTA rate by the WY Department of Workforce Services. You will need to enter this new rate each year so your payroll calculations are accurate.
- To learn more about SUTA, please read our article, “What Is SUTA Tax?”
- Your Workers’ Compensation rate will be based on your business classification.
- Classifications are determined AFTER your registration is submitted.
- If you need to run payroll before you get your WC rate, you can estimate your rate based on the base rates. Remember to change your company tax settings when your actual WC rate arrives.
State-mandated Insurance:
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You must have workers’ comp insurance if you have at least 1 employee in Wyoming. Wyoming is a monopolistic state, so you must sign up for workers’ comp through a state-operated fund.
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You can learn more about Wyoming’s workers’ comp insurance here.
Setting Up Your New Employee:
- Employers in Wyoming are required by law to report new employees within 20 days of hire or re-hire. You can report online with the Wyoming New Hire Reporting Center.
- Wyoming employers follow the Federal minimum wage rate of $7.25 an hour.
- You need to post the federal minimum wage poster for your employees where they can read it.
Once you have all the necessary information, you will be able to set up your payroll for your business. You will want to keep all payroll records for at least three years. For more information please read our help article, “What Employers Should Know About Employee Payroll Records.”
Let us know if you have any questions. We are here to help!
This is not an all-inclusive list for new employers. Please check with government agencies for more requirements.
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