Federal 941 Payroll Tax payment Guidelines

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Many business owners don't comprehend how foremost it is to get payroll tax payments made on time. If a late cost is made, once the Irs catches up to it, the penalties are quite stiff: 10% off the top, plus interest. Try earning that at a bank today! Resist the temptation to pay late, because it's not a money saver, it's a money loser. Plus, penalties are not deductible.

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How is Federal 941 Payroll Tax payment Guidelines

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Quick Tip: the Irs uses the term "tax deposit" to mean "tax payment", and uses the term "monthly depositor" or "semi-weekly depositor" to mean "monthly payer" or "semi-weekly payer", respectively.

Determine Your cost Schedule

Before you can settle when the tax cost is due, you must first settle if you are a monthly depositor, or a semi-weekly depositor. Which type you are has nothing to do with when or how often you pay your employees. In order to settle which agenda you are on, seek the payroll records while the "lookback period". This duration all the time runs from July 1 to June 30. For 2006, the "lookback period" runs from July 1, 2004 - June 30, 2005. If the estimate you withheld for 941 taxes is ,000 or less, you are a monthly depositor. If the estimate while that duration is more than ,000, you are a semi-weekly depositor.

Monthly Depositor

If you are a monthly depositor, you will pay the taxes by the 15th of the next month. For example, for 941 taxes withheld while August 2006, the cost was due on Friday, September 15. If the 15th falls on a weekend or Federal holiday, the cost is due the next business day.

Semi-Weekly Depositor

If the payday falls on a Wednesday, Thursday, and/or Friday, the deposit is due on or before the following Wednesday. If the payday falls on a Saturday, Sunday, Monday, and/or Tuesday, the deposit is due on or before the following Friday.
The 0,000 Rule

Regardless of which type of depositor you are, if 941 withholdings reach 0,000 or more, a cost is due the next business day, and the semi-weekly deposit rules are in follow going forward.

Payment Methods

You may make payments one of three ways:

The Irs will send you a yellow booklet containing coupons. Fill one out, and take a check to your bank. Be sure to fill out the top stub of the coupon for your records. Use the Electronic Federal Tax cost System. Visit eftps.com for more facts and to sign up. Allow about two weeks for the enrollment process to complete. Other types of taxes can be paid as well, using this system. Find a payroll supplier who offers electronic cost of employment taxes, and enroll in that service.
Avoid costly Penalties

Don't pay late Pay using the accurate method Pay the accurate amount

These guidelines are for Federal 941 payments only, and are intended for small businesses who have under 0,000 in Federal 941 payroll liabilities. See the Instructions for Form 941, and Circular E for more information and information.

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