When outsiders think of Wyoming, they probably envision everyone wearing cowboy hats riding around on horseback in Yellowstone. Well, that one space cowboy does spend a whole lot of time in Jackson. But you know full well Wyoming is a lot more than just Harrison Ford pretending to be a cowboy. It’s your own slice of paradise that big city dwellers seek out in order to get away from their daily grind. You enjoy the outdoor life in Wyoming, and that’s why you opened a small business here. However, there’s one thing that certainly doesn’t qualify for paradise life: payroll taxes. But hey, at least Wyoming doesn’t charge a state income tax, right?
We designed a payroll calculator with you in mind. The calculator simplifies the payroll process, so you can spend more time hanging out and less time stressing out. Simply enter wage and W-4 information for each employee, and our calculator will process your gross pay, net pay, and any federal deductions.
First and foremost, let’s walk through a summary of federal payroll taxes that all of your employees have to pay, no matter which state they live in. If you would like to see each step in detail, check out the step-by-step guide that we created just for you.
None! Nada! Zilch! The Cowboy State has no state income taxes. But you knew this already.
As an employer, you have to pay the state’s unemployment insurance. For 2019, Wyoming unemployment insurance rates range from 0.18% to 8.72% with a taxable wage base of up to $25,400 per employee per year.
If you’re starting a new small business (congratulations!), you need to pay a minimum of 1.22%. Call the unemployment tax division at (307) 235-3217 to get your exact rate.
And if you’re liable to pay unemployment insurance, you’re also liable to pay the modified business tax. It is a quarterly payroll tax that you have to pay if your total gross wages less employee health care benefits are $62,500 or more in a quarter. The tax rate is 1.475% if you own a general business, but financial institutions pay a higher rate.
You’re almost at the finish line! Calculate each employee’s net pay, cut those checks (or transfer those direct deposits, whatever suits your employees’ fancy), and make sure you have enough left in your own account to cover FICA and UI taxes.
You will need to use Form 941 to file federal taxes quarterly, and Form 940 to report your annual FUTA tax. You can pay taxes online using the EFTPS payment system. More details about employment tax due dates can be found here.
If you’re looking for more information, here are a couple of resources that we think can help you understand Wyoming payroll a little better:
Wyoming Department of Revenue | Contact Information