How to determine my deposit schedule?
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Last modified 9/24/2020 3:43:31 PM EST |
Added by ExpressEfile Team
The employers are supposed to deposit social security and Medicare taxes and federal income taxes withheld from the employee’s compensation along with the employer share of social security and Medicare taxes. This tax amount can be deposited in two different schedules: semi-weekly and monthly.
The deposit schedule that you are going to use will be determined based on the total tax liability you report on Form 941. It should also be decided before the start of the calendar year.
- If you are a monthly depositor, you must make your deposits by the 15th day of the month following the payment month.
- If you are a semi-weekly depositor, you must make the deposits as follows.
Payments made on Wednesday, Thursday, or Friday - Deposit the taxes by the following Wednesday.
Payments made on Saturday, Sunday, Monday, or Tuesday - Deposit the taxes by the following Friday.
You must report these deposits made on a quarterly or an annual basis on your Form 941 or Form 944, respectively.