EFTPS Due Dates & Deposit Schedules

What is the Difference Between a Monthly and Semiweekly Deposit Schedule?

The difference between a monthly and semiweekly deposit schedule revolves around the frequency of payroll tax deposits based on the employer's tax liability during the lookback period:

• 1. Monthly Deposit Schedule
  • Who Follows It: Employers with $50,000 or less in tax liability during the lookback period.
  • Deposit Frequency: Once a month.
  • Deposit Due Date: Taxes are due by the 15th of the month following the payroll payment.
• 2. Semiweekly Deposit Schedule:
  • Who Follows It: Employers with more than $50,000 in tax liability during the lookback period.
  • Deposit Frequency: Multiple times a week, depending on when wages are paid.
  • Deposit Due Dates:
    • For wages paid on Wednesday, Thursday, or Friday, taxes are due by the following Wednesday.
    • For wages paid on Saturday, Sunday, Monday, or Tuesday, taxes are due by the following Friday.

Payroll tax deposit schedule for FICA taxes - Form 941

A payroll tax (Form 941) deposit schedule determines the timing for depositing several important taxes.

• Federal income tax
• Social security tax
• Medicare tax

The tax deposit schedule specifies when the taxes must be deposited. The payroll deposit schedule for FICA taxes can be monthly or semiweekly. In some cases, it may require a next-day deposit. The due date is based on the total tax liability during the lookback period.

If the due date falls on a Saturday, Sunday, or federal legal holiday, the deposit is due the next business day. Here’s a summary of the due dates for payroll tax deposit schedules.

Tax deposit schedule for U.S Corporation Income Tax - Form 1120

The tax deposit schedule for U.S. Corporation Income Tax (Form 1120) revolves around annual estimated tax deposits corporations must make. You generally need to deposit taxes in installments if you expect to owe $500 or more of the total tax when filing Form 1120.

You are required to make tax deposits in four installments during the year. The deposits are based on your estimated tax liability for the year, and the due dates are as follows:

• 1st installment: Due by the 15th day of the 4th month of the tax year ( April 15)
• 2nd installment: Due by the 15th day of the 6th month of the tax year (June 15)
• 3rd installment: Due by the 15th day of the 9th month of the tax year (September 15)
• 4th installment: Due by the 15th day of the 12th month of the tax year (December 15)

Tax deposit schedule for Excise Tax - Form 720

Excise taxes need to be deposited on a semi monthly basis. Each month is divided into two semi monthly periods.

• First Semimonthly period: the first period covers the first 15 days of the month
• Second Semimonthly period: the second period covers from the 16th to the last day of the month

To learn more about the tax deposits for excise taxes, refer to publication 720.

Tax deposit schedule for Withholding Tax - Form 1042

To deposit taxes withheld on Form 1042 (whether under Chapter 3, Chapter 4, or related to federal procurement payments), the frequency of your deposits depends on the amount of tax withheld. Below are the rules that explain how often deposits need to be made.

Quarter-Monthly Deposits:

• If the total amount of undeposited taxes reaches $2,000 or more by the end of any quarter-monthly period, you must deposit these taxes within 3 business days after the period ends.
• Quarter-monthly periods end on the 7th, 15th, 22nd, and the last day of each month.

Monthly Deposits:

• If the total undeposited taxes at the end of any month are at least $200 but less than $2,000, you must deposit the taxes within 15 days after the month ends.
• If you deposit $2,000 or more during the month (under rule 1 above), any leftover balance of less than $2,000 should be carried over to the next month, except in December.

December Exception:

• If the remaining balance is less than $2,000 at the end of December, this amount can be paid with your Form 1042 by March 15 of the following year.

Year-End Deposits:

• If the total undeposited taxes at the end of the calendar year are less than $200, you have two options:
  • Pay the taxes directly with your Form 1042, or
  • Deposit the total amount by March 15 of the following year.

Tax Deposit Schedule For Non-profit Organization Tax- Form 990-PF,990-T

The tax deposit schedules for non-profit organization taxes, such as Form 990-PF and Form 990-T, align with the deadlines for filing these forms. Payments are typically due by the 15th day of the fifth month after the end of the organization’s fiscal year, ensuring consistency in the filing and payment timelines.