Certified Public Accountants

Tax Deposit Requirements

Federal withheld income and FICA taxes (employer and employee portion).

1. If at the end of the calendar quarter your total undeposited taxes are less than $1,000, you may pay the taxes when you file Form 941, Employers Quarterly Federal Tax Return.
2. If at the end of any month your total undeposited taxes are $1,000 or more, deposit the taxes with a federal tax deposit coupon, at an authorized financial institution or federal reserve bank within fifteen days after the end of the month.
3. If you accumulate taxes of $100,000 or more on any day during a deposit period, you must deposit it by the close of the next banking day.
4. If the total tax reported on Form 941 for the four quarters beginning July 1 of the second preceding year and ending June 30 of the prior year is more than $50,000, you will be a "semi-weekIy" depositor for the current year. As a "semi-weekly" depositor, you must deposit based on the following chart: