If you are on a monthly 941 deposit schedule, by when must your deposits be made?

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Multiple Choice

If you are on a monthly 941 deposit schedule, by when must your deposits be made?

On a monthly 941 deposit schedule, you must deposit the payroll taxes by the 15th day of the following month. This means taxes for one month are due by the 15th of the next month—for example, January’s liabilities are due by February 15. If the 15th falls on a weekend or holiday, deposit on the next business day, and deposits are typically made electronically via EFTPS.

On a monthly 941 deposit schedule, you must deposit the payroll taxes by the 15th day of the following month. This means taxes for one month are due by the 15th of the next month—for example, January’s liabilities are due by February 15. If the 15th falls on a weekend or holiday, deposit on the next business day, and deposits are typically made electronically via EFTPS.

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