The Missouri Common Paymaster Law is a law that allows two or more employers to combine their payrolls and establish a single paymaster to process payroll for all employers. This law helps employers save money and time by allowing them to share payroll processing and administrative costs. There are two types of Missouri Common Paymaster Law: voluntary and mandatory. The voluntary law allows employers to opt into the common paymaster program if they choose, while the mandatory law requires employers to use a common paymaster if they employ 25 or more workers. Under both laws, employers must enter into a written agreement with their common paymaster that outlines the responsibilities of each party. Additionally, the common paymaster must register with the state of Missouri and follow all applicable labor laws.
Missouri Common Paymaster Law
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FAQ
The common paymaster must pay concurrently employed individuals by one combined paycheck, drawn on a single bank account, or by separate paychecks, drawn by the common paymaster on the accounts of one or more employing corporations.
The common paymaster is responsible for withholding, depositing, and paying FICA and FUTA taxes, and filing and furnishing information returns associated with wages it disburses.
Unlike a Common Pay Agent, the use of a Common Paymaster is not purely for admin simplicity. Since a Common Paymaster is treated as a single employer, those employees are only subject to a single annual taxable wage base for FICA and FUTA tax purposes.
All corporations doing business in Missouri must pay employees' wages and salaries at least on a semimonthly basis, and no later than 16 days after the close of each payroll period. Certain types of employees may be paid monthly. Pay statements must be provided to employees at least monthly.
(1) For purposes of this title, "common paymaster" or "common pay agent" means an independent third party who contracts with, and represents, two or more employers, and who files a combined tax report for those employers. (2) Common paymaster combined tax reporting is prohibited.
The primary purpose of a paymaster is to receive fees in escrow by buyers in a large transaction, and disburse to the sellers and brokers on the transaction. A paymaster is usually, but not required to be, a lawyer (also known as a 'lawyer paymaster').
Missouri rules on deductions from final paychecks include things like meals, lodging, and tuition that the employee might have received for their benefit outside of work. Deductions for these goods and services are allowed, as long as they do not take the wage below Missouri's minimum wage level.