You have the choice as a business to decide which deposit schedule you would like to use, per Federal guidelines. You will either be a monthly depositor or a semi-weekly depositor and below we have provided these critical calendar dates. This decision needs to be made for each calendar year, as required by the Federal government. You will use the deposit schedule instructed, per the total tax you provided on Form 941.
It is also required by law that you use Electronic Funds Transfer when making all tax deposits, also known as EFTPS Federal tax deposits. Below we have laid out the required payroll calendar dates for 2016 & 2017. These payroll dates must be met to avoid various penalties and interest.
Monthly & Semi-Weekly Payroll Deposit Schedule
For the monthly depositors, taxes have to paid by the 15th of each following month. Further, if you are a monthly depositor you are required to report your deposits on Form 941 or 944 on a annual or quarterly basis.
Under this schedule employment taxes that are made on Wed, Thurs, Fri need to be in by the next Wed. Further, if payments are made on Sat, Sun, Mon, Tues need to be in the next Fri. You will make the deposits on a quarterly basis or an annual basis and needs to filed using Form 941 or 940 only.
FUTA Deposit Calendar
So, if your FUTA due is on a Sat, Sun, or a Holiday, you are required by law to make your deposit on the next business day or face some stiff penalties. Further, FUTA tax is due on the last day of the month following a quarter end.
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For those that have tax due over $500 for the 4th quarter you will need to deposit this entire amount on Form 940 on Jan 31st. Additionally, if this amount is less than $500 you have various options such as making the deposit, paying it with a credit card or you can pay the tax due on Form 940.
One of the best payroll programs we recommend trying out is QuickBooks free payroll trial, as it has all of these payroll due dates built into the system and ensures you meet all deadlines to avoid costly penalties and interest.
Payroll Due Dates
|Quarter End Date:||Tax deposit on:|
|1st Quarter – Mar 31st||due Apr 30|
|2nd Quarter – June 30||due July 31st|
|3rd Quarter – Sep 30||due Oct 31st|
|4th Quarter – Dec 31st||due Jan 31st|
Many of the top online payroll programs already have the payroll calendar dates for 2016 & 2017 built into their system and are continuously updating it with any date changes. QuickBooks has done a great job ensuring all of these payroll dates are made with little effort on your part.
We recommend checking out QuickBooks Small Business, as it’s a great payroll program.