When do I deposit payroll taxes?

Most businesses will deposit their income tax withholdings, Social Security, and Medicare taxes on a monthly or semi-weekly basis.

If you're not sure when your taxes are due, you can usually determine your deposit schedule by looking at your total taxes after adjustments, (line 12 on Form 941) for the lookback period, which runs from July 1 to June 30.

Per the IRS, the lookback period for 2024 is:

• Third Quarter, 2022 (July 1 - September 30, 2022)
• Fourth Quarter, 2022 (October 1 - December 31, 2022)
• First Quarter, 2023 (January 1 - March 31, 2023)
• Second Quarter, 2023 (April 1 - June 30, 2023)

Monthly depositor

You're a monthly depositor if your total tax liability for all four quarters was $50,000 or less. Your taxes are due by the 15th day of the following month.  For example, your January payroll taxes are due by February 15.

Semi-weekly depositor

If your total tax liability was greater than $50,000, you're a semi-weekly depositor. Your taxes are due based on your payday. If your payday falls on a

• Wednesday, Thursday, and/or Friday, your taxes are due by the following Wednesday
• Saturday, Sunday, Monday, and/or Tuesday, your taxes are due by the following Friday