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ITG FAQ #3 Answer-When are deposits due?

There are two deposit schedules for determining when you are required to deposit withheld income, social security and Medicare taxes. They are monthly or semiweekly. These schedules explain when a deposit is due after a tax liability arises (e.g., when you have a payday). Prior to the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use.

Your deposit schedule for a calendar year is not determined by how often you pay employees or make deposits. It is determined from the total tax liability (not reduced by any advanced Earned Income Credit) reported during a four-quarter lookback period. ( Refer to Lookback period)

REMEMBER: Separate deposits are required for nonpayroll and payroll income tax withholding. DO NOT combine deposits for Forms 941 and 945 tax liabilities. The deposit rules for nonpayroll liabilities are the same except that the rules apply to an annual rather than a quarterly return period. See Instructions for Form 945 for more information.

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Page Last Reviewed or Updated: 17-Oct-2014