I just became a 941 semiweekly schedule depositor. Monthly paychecks go out on the 10th every month. I only have to deposit taxes once monthly even though I'm semiweekly?

Forum|Forum|6 years ago
October 3, 2019
3 replies
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Anonymous_

Level 15

This is really the wrong forum for information on payroll taxes, but you can find the rules at the links below.

https://www.irs.gov/instructions/i941#idm139935372412336

https://www.irs.gov/publications/p15#en_US_2019_publink1000202449

Carl

Level 11

Nope. If you're scheduled as semi-weekly, then at a minimum you are expected to make the employer side of payroll taxes every two weeks. Not "twice a month", but *every* *TWO* *weeks*. I would suggest you change things to a quarterly deposit if that's realistic and feasible for you. If not, then change to a monthly depositor for your payroll taxes.

Most employers I've dealt with cut paychecks twice a month, but file/pay the 941 payroll taxes only once a month.

fryemcpa

Level 2

From IRS Circular E (Publication 15):

Semiweekly schedule example.

Green, Inc., is a semiweekly schedule depositor and pays wages once each month on the last Friday of the month. Although Green, Inc., has a semiweekly deposit schedule, it will deposit just once a month because it pays wages only once a month. The deposit, however, will be made under the semiweekly deposit schedule as follows: Green, Inc.’s tax liability for the May 29, 2026 (Friday), payday must be deposited by June 3, 2026 (Wednesday). Under the semiweekly deposit schedule, liabilities for wages paid on Wednesday through Friday must be deposited by the following Wednesday.