Payroll Colorado, Unique Aspects of Colorado Payroll Law and Practice
The Colorado State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is:
Department of Revenue
State Capital Annex
1375 Sherman St.
Denver, CO 80261-0009
800-332-2087
www revenue.state.co.us/
Colorado allows you to use the Federal W-4 form to calculate state income tax withholding
Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In Colorado cafeteria plans are: not taxable for income tax calculation; not taxable for unemployment insurance purposes. 401(k) plan deferrals are: not taxable for income taxes; taxable for unemployment purposes.
In Colorado supplemental wages are taxed at a 4.63% flat rate.
You must file your Colorado State W-2s by magnetic media if you are required to file your federal W-2s by magnetic media.
The Colorado State Unemployment Insurance Agency is:
Department of Labor & Employment
Division of Employment and Training
1515 Arapahoe St., Tower 2, Ste. 400
Denver, CO 80202-2117
303-603-8254
http://unemploytax.cdle.state.co.us/
The State of Colorado taxable wage base for unemployment purposes is wages up to $10,000.00.
Colorado has optional reporting of quarterly wages on magnetic media..
Unemployment records must be retained in Colorado for a minimum period of five years. This information generally includes: name; social security number; dates of hire, rehire and termination; wages by period; payroll pay periods and pay dates; date and circumstances of termination.
The Colorado State Agency charged with enforcing the state wage and hour laws is:
Department of Labor & Employment
Labor Standards Office
1515 Arapahoe St., Ste. 375
Denver, CO 80202-2117
303-318-8441
www.coworkforce.com/LAB/
The minimum wage in Colorado is $6.15 per hour.
The general provision in Colorado State Law covering paying overtime is one and one half times regular rate after 12 hour day or 40 hour week.
Colorado State new hire reporting requirements are that every employer must report every new hireor rehire. The employer must report the federally required elements of: