Puerto Rico Employee Payroll Records Checklist
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FAQ
An employer must make the salary payments on the 15th of the month. In Puerto Rico, 13th-month payments are mandatory. Employers with a workforce in excess of 21 employees must by law pay a 13th-month salary in December equating to 2% of the employees' wages or not more than 600 USD.
Form 499-R-1C (Adjustments to Income Tax Withheld Worksheet) Form 499R2/W2PR (Withholding Statement) - This withholding statement is the Puerto Rico equivalent of the U.S. Form W2 and should be prepared for every employee.
The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
Puerto Rico's state minimum wage rate is $8.50 per hour. This is greater than the Federal Minimum Wage of $7.25. You are entitled to be paid the higher state minimum wage.
If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.
If you are a U.S. citizen who is also a bona fide resident of Puerto Rico during the fiscal year but receive income as a U.S. government employee in Puerto Rico, you must file a federal tax return.
What is new? Modified fields - The 2019 Form 499R-2/PR W-2PR added Boxes C and D to report services rendered in agricultural labor (Box C) and services rendered by a minister of a church or religious order (Box D).
Puerto RicoRegister your business name and file articles of incorporation.File for local bank accounts.Learn and keep track of the local employment laws.Set up local payroll.Hire local accounting, legal, and HR people.
ContributionsEmployer. 6.2% FICA Social Security (Federal) 1.45% FICA Medicare (Federal) 0.90%6.20% FICA Social Security (Federal) (Maximum 142,800 USD) 1.45% FICA Medicare (Federal) 0.90%Employee. Employee Income Tax. 0.00% Not over 9,000 USD. 7.00%
