If your lookback period for 941 deposits was more than $50,000, when are you required to make your deposits?

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Multiple Choice

If your lookback period for 941 deposits was more than $50,000, when are you required to make your deposits?

Your deposit schedule for Form 941 depends on how much payroll tax liability showed up in your lookback period. If that lookback total is more than $50,000, you’re placed on a semiweekly deposit schedule. That means you remit the taxes twice a week, with timing tied to when wages are paid: for payroll periods ending on Wednesday, Thursday, or Friday, the deposit is due by the following Wednesday; for periods ending on Saturday, Sunday, Monday, or Tuesday, the deposit is due by the following Friday. As a helpful note, if you ever accumulate $100,000 or more in tax liability on a single day, you must deposit by the next business day, regardless of the schedule.

Your deposit schedule for Form 941 depends on how much payroll tax liability showed up in your lookback period. If that lookback total is more than $50,000, you’re placed on a semiweekly deposit schedule. That means you remit the taxes twice a week, with timing tied to when wages are paid: for payroll periods ending on Wednesday, Thursday, or Friday, the deposit is due by the following Wednesday; for periods ending on Saturday, Sunday, Monday, or Tuesday, the deposit is due by the following Friday. As a helpful note, if you ever accumulate $100,000 or more in tax liability on a single day, you must deposit by the next business day, regardless of the schedule.

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