• First Quarter, 2009
• Second Quarter, 2009
• Third Quarter, 2009
• Fourth Quarter, 2009

Deposit Due Date Rules

When must employers deposit withheld Federal income tax, and both the employer and employee social security and Medicare taxes? The lookback period for making employment tax deposits in 2009 would be the twelve-month period ending June 30 of 2008. If you reported total taxes of . . .

• $50,000 or less, you are a monthly depositor
• more than $50,000, you are a semiweekly depositor

But, there are two exceptions:

1. Businesses that have accumulated less than $2,500 in quarterly employment taxes, will be allowed to make payments every three months, rather than on a monthly basis. (Prior to January 1, 2001, quarterly deposits were allowed only if the employer had accumulated less than $1,000 in quarterly employment taxes.)
2. If you accumulate a tax liability of $100,000 or more on any day during a deposit period, you must deposit the tax by the next banking day, whether you were a monthly or semiweekly depositor.

If you are a monthly schedule depositor and accumulate a $100,000 tax liability on any day, you become a semiweekly schedule depositor on the next day and remain so for at least the rest of the calendar year and for the following calendar year. The IRS considers a new employer’s tax liability to be zero, which makes new employers monthly depositors for their first year of business. Separate deposits are required for no payroll and payroll income tax withholding. Do not combine deposits for Forms 941 and 945 tax liabilities. You must use EFTPS (electronic transfer of deposit funds) to make deposits of all depository tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes) which you incur in 2007, if you deposited more than $200,000 in Federal depository taxes in 2005,OR you had to make electronic deposits in 2006. If you first meet the $200,000 threshold in 2006, you must begin depositing using EFTPS in 2007. Once you meet the $200,000 threshold, you must continue to make deposits using EFTPS in later years.