If you’re a monthly schedule depositor, you must deposit payroll taxes by the 15th of the following month in which the payroll was made. In other words, all of the payroll tax liabilities that accrued during January must be deposited by February.
If you’re a semiweekly schedule depositor, when you deposit payroll taxes depends on what day of the week you issue payroll. For payments made on a Weds, Thurs, or Fri, you must deposit payroll taxes on the following Weds. For payments made on a Sat, Sun, Mon, or Tues, you must make the deposits on the following Fri.
So, how do you know if your business/business client is a monthly or semiweekly depositor? We answer that question here.