When are employers required to deposit federal income tax withholding and FICA?
In general, there are two deposit frequencies used to remit income tax withholding, along with both the employee and employer portion of FICA. These two deposit frequencies are monthly and semiweekly, and are determined company by company based upon the amount of taxes paid during the lookback period. Monthly: If an employer is deemed a monthly depositor, then the employer must remit all income tax withholding and employment taxes on payments made during a month by the 15th day of the following month. For example, all income tax withholding and employment taxes for paydays in January are due by February 15th. Note: All new employers are considered monthly depositors for the first calendar year of business unless the $100,000 Next-Day Deposit Rule applies. Semiweekly: If an employer is deemed a semiweekly depositor, then the employer must remit all income tax withholding and employment taxes based on the following schedule: IF the payday falls on a… THEN deposit taxes by the following
