Page 7 - Payroll
P. 7
Payroll Tax
Payments & Filings
IRS Payment Methods
The IRS requires that all payroll tax payments be made electronically. Your payroll
software or preparer may have this capability, or you can make payments via EFTPS
on the IRS website. Failure to make payments electronically will result in penalties
being assessed by the IRS. (In rare circumstances, employers can deposit quarterly
with the Form 941.)
IRS Payment Frequencies
The IRS has two payment frequencies for payroll tax deposits.
Monthly: Tax payments are due by the 15th day of the following month
Semi-Weekly: For pay dates falling on Wednesday, Thursday, or Friday, payments
are due the following Wednesday: For pay dates falling on Saturday, Sunday,
Monday, or Tuesday, payments are due the following Friday.
Your frequency should be determined at the beginning of each tax year, based on
the parameters set forth in the IRS Publication 15. It is up to each employer to verify
the correct filing frequency, as the IRS will not send notices alerting employers of a
change in their account. Regardless of your required filing frequency, paying after
each payroll is a good habit which will result in better control of cash flows and the
avoidance of late payment penalties.
Page 5 Terri Johnson, CPA
