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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Payroll tax deposits, payroll service question.
Since before I have been running the office side we have always used a payroll service. I knew that they held (and invested ) our tax deposits until they HAD to deposit them with the appropriate entities. I always assumed this was quarterly but in my discussion with them they made it sound more often. Does anyone know the actual schedule on this?
For instance, if they are due quarterly then the first January payroll tax deposits get invested by them until the end of March where as they then keep the interest accrued, they lose a week of interest on the second payroll, three on the third, etc.... Am I incorrect? Or are tax deposits more frequent?
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05-07-2008, 04:42 AM
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Join Date: Sep 2002
Location: dfw tx
Posts: 3,957
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It depends on how large the deposits are. When I had 8 employees i had to deposit monthly, due on the 15th of the next month. If it's under 2500 (I think) for the quarter, it's due the 15th of the month after the quarter expires.
If you have a lot of employees and high deposits, it was due 3 days after you paid the payroll. If memory serves correctly. I just the requirements 1 time and thats what it's based off. I am sure the rules are at the IRS site.
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05-07-2008, 05:08 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Thanks,
That helps.
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Cornpoppin' Pony Soldier |
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05-07-2008, 05:21 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Thanks,
That helps.
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Cornpoppin' Pony Soldier |
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05-07-2008, 05:21 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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OK, I found it. It appears the quarterly thing is gone. Now you are either monthly or semi weekly.
Determine Your Payment Schedule Before you can determine when the tax payment is due, you must first determine if you are a monthly depositor, or a semi-weekly depositor. Which type you are has nothing to do with when or how often you pay your employees. In order to determine which schedule you are on, examine the payroll records during the “lookback period”. This period always runs from July 1 to June 30. For 2006, the “lookback period” runs from July 1, 2004 – June 30, 2005. If the amount you withheld for 941 taxes is $50,000 or less, you are a monthly depositor. If the amount during that period is more than $50,000, you are a semi-weekly depositor.
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05-07-2008, 05:25 AM
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Join Date: Sep 2002
Location: dfw tx
Posts: 3,957
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They change the rules all the time..... jackasses!
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72 914 2056: 74 9146 2.2: 76 914 2.0 |
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05-07-2008, 05:31 AM
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