When is the deadline to pay the deferred deposits of social security taxes?
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Last modified 9/9/2020 2:42:47 AM EST
The employer usually withholds a portion of the employee's salary as social security taxes. This amount needs to be paid to the IRS within the end of the quarter.
The changes in the 3rd quarter Form 941 allows the employer to defer this amount. This change is applicable for the qualifying compensations paid to the employee from September 1, 2020, to December 31. 2020.
The employer can now pay the employee portion of the social security taxes later than usual. The Form 941 deadline to pay the deferred deposits is as follows.
- 50% of the eligible deferred amount must be paid within 31 December 2021.
- The remaining deferred amount must be paid within 31 December 2022.