Processing Payroll Around the 2022 Holidays

Processing Payroll Around the 2022 Holidays

There are many things to consider when year end is approaching. From collecting all the necessary year-end documents to submitting your final payroll of the year, being organized and prepared is key to ensure a successful transition into the new year. Additionally, knowing when your payroll vendor and banks are closed for the holidays is crucial. This allows you to know when you will need to submit your payroll in order to ensure your employees are paid timely. Paper Trails is here to make processing payroll around the holidays easy!

Which holidays are Paper Trails and federal banks closed for?

Paper Trails and the federal banks are closed multiple days in November and December. Below you will find a list of the holidays Paper Trails and federal banks will be closed for around year end and into 2023.

HolidayWhen is Paper Trails Closed?When are the Banks Closed?
Veterans DayClosed Friday Nov. 11thClosed Friday Nov. 11th
ThanksgivingClosed Thursday Nov. 24th
Closed Friday Nov. 25th
Closed Thursday Nov. 24th
Open Friday Nov. 25th
ChristmasClosed Monday Dec. 26thClosed Monday Dec. 26th
New Year’sClosed Monday Jan. 2ndClosed Monday Jan. 2nd
Martin Luther King Jr DayClosed Monday Jan. 16th Closed Monday Jan. 16th
President’s DayClosed Monday Feb. 20thClosed Monday Feb. 20th
Download a copy of Paper Trails’ 2023 banking holidays!

When do I need to submit my payroll to accommodate the holiday?

Just like any other payroll run, you will need to submit your payroll by noontime two business days before your payday. Keep in mind these holidays when processing your payroll:

For Veterans Day:
  • If you have a Friday payday, your payroll will need to be submitted by noontime on Tuesday, 11/8, to be paid out on Thursday, 11/10. Otherwise, your payday will be delayed until Monday, 11/14.
  • If you have a Tuesday payday, your payroll will need to be submitted by noontime on Thursday, 11/10, to be paid out on Tuesday, 11/15. Otherwise, your payday will be delayed until Wednesday 11/16.
For the Thanksgiving Holiday:
  • If you have a Thursday payday, your payroll will need to be submitted by noontime on Monday, 11/21, to be paid out on Wednesday, 11/23. Otherwise, your payday will be delayed until Friday 11/25.
  • If you have a Friday payday, your payroll will need to be submitted by noontime on Tuesday, 11/22, to be paid out on Friday, 11/25. Otherwise, your payday will be delayed until Monday, 11/28.
  • If you have a Monday payday, your payroll will need to be submitted by noontime on Wednesday, 11/23, to be paid out on Monday, 11/28. Otherwise, your payday will be delayed until Tuesday 11/29.
  • If you have a Tuesday payday, your payroll will need to be submitted by noontime on Wednesday, 11/23, to be paid out on Tuesday, 11/29. Otherwise, your payday will be delayed until Wednesday 11/30.
For the Christmas Holiday:
  • If you have a Monday payday, your payroll will need to be submitted by noontime on Wednesday, 12/21, to be paid out on Friday 12/23. Otherwise, your payday will be delayed until Tuesday 12/27.
  • If you have a Wednesday payday, your payroll will need to be submitted by noontime on Friday, 12/23, to be paid out on Wednesday, 12/28. Otherwise, your payday will be delayed until Thursday 12/29.
For the New Year:
  • If you have a Monday payday, your payroll will need to be submitted by noontime on Wednesday, 12/28, to be paid out on Friday 12/30. Otherwise, your payday will be delayed until Tuesday 1/3/23.
  • If you have a Wednesday payday, your payroll will need to be submitted by noontime on Friday, 12/30, to be paid out on Wednesday, 1/4/23. Otherwise, your payday will be delayed until Thursday 1/5/23.

**Keep in mind the minimum wage increase for 2023. All employees must be paid at least the new minimum wage on the first pay date in January, regardless of what pay period you are paying out, for your business to maintain compliance.**

For Martin Luther King Jr Day:
  • If you have a Monday payday, your payroll will need to be submitted by noontime on Wednesday, 1/11/23, to be paid out on Friday, 1/13/23. Otherwise, your payday will be delayed until Tuesday 1/17/23.
  • If you have a Wednesday payday, your payroll will need to be submitted by noontime on Friday, 1/13/23, to be paid out on Wednesday, 1/18/23.  Otherwise, your payday will be delayed until Thursday, 1/19/23.

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