Should I Be Making Semi-Weekly Deposits?
A semiweekly depositor is an employer with an accumulated liability of more than $50,000 in the lookback period*. They must deposit taxes for wages as follows:
When wages are paid on Wednesday, Thursday and/or Friday – no later than the following Wednesday. Tuesday, Saturday, Sunday and/or Monday – no later than the following Friday.
Deposit status can change each year. Employers are responsible for determining their own deposit status. Firms making late deposits may be penalized even if it was caused by assignment of an incorrect deposit status by the IRS.
*The lookback period is the July 1 – June 30 prior to the calendar year for which the deposit status is determined.
A Semiweekly depositors is also an employer that in the calendar year incurred a deposit obligation of $100,00 or more.