When is the right time to schedule deposits for 941 EFTPS payments?
49 views |Last modified 10/9/2024 5:50:22 AM EST | Added by TaxBandits Team

There are two types of EFTPS Deposit schedules, where you can deposit federal taxes to the IRS. One is monthly, and the other is semi-weekly.

Monthly schedule depositor - If you reported taxes of $50,000 or less during the lookback period, you're a monthly schedule depositor. You must deposit your employment taxes for payments made during a given month on or before the 15th day of the following month.

Semiweekly schedule depositor - If you reported taxes of more than $50,000 for the lookback period, you're a semiweekly schedule depositor. Under this schedule, you need to deposit employment taxes for payroll payments made on Wednesday, Thursday, and Friday by the following Wednesday. For payroll payments made on Saturday, Sunday, Monday, and Tuesday, deposit the taxes by the following Friday.