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Payroll Frequencies, Withholding Tax Deposit and Report Due Dates

Updated: Feb 3

Here are the key differences between bi-weekly and semi-monthly pay schedules


Special Rules

Section 15. Special Rules for Various Types of Services and Payments


➢ Frequency:

o Bi-Weekly: Employees are paid every two weeks, resulting in 26 pay periods per year. Payroll Frequencies, Deposit & Report Due Dates

o Semi-Monthly: Employees are paid twice a month, typically on the 1st and 15th or the 15th and last day of the month, resulting in 24 pay periods per year.

➢ Pay Dates:

o Bi-Weekly: Pay dates are consistent, occurring on the same day of the week (e.g., every other Friday).

o Semi-Monthly: Pay dates are fixed and may vary in terms of the day of the week (e.g., 1st and 15th).

➢ Pay Amount:

o Bi-Weekly: Paychecks are generally smaller since the annual salary is divided by 26 pay periods. Determined by Gross Salary and Gross Wage

e.g. $52,000 / 26 = $2,000.00

o Semi-Monthly: Paychecks are slightly larger since the annual salary is divided by 24 pay periods. Determined by Gross Salary and Gross Wage

e.g. $52,000 / 24 = $2,166.66

Here are the deposit and report schedules for Forms 941, 944, 943 and 945


Form 941 - Social Security, Medicare, Income Tax (Forms W4, W2, W3)

o Lookback Period: The lookback period is the 12-month period covering four quarters, starting from July 1st of the second preceding year and ending on June 30th of the prior year

o Report Due Dates

✓ April 15, July 15, October 15, January 15

o Deposit Due Dates

✓ Monthly Schedule Depositor: If the total taxes on Form 941 during the lookback period were $50,000 or less, deposits are due by the 15th of the following month.

✓ Semiweekly Schedule Depositor: If the total taxes on Form 941 during the lookback period were more than $50,000, deposits are due on Wednesdays and/or Fridays, depending on when wages are paid.


Form 944-Small Employers, liability less than $1000

o Lookback Period: The lookback period is the second preceding calendar year. For example, for 2024, the lookback period is 2022

o Report Due Dates

✓ January 31 with Deposit (include payment if under $2500)

o Deposit Due Dates

✓ Annual Depositor: If the total tax liability for the year is less than $2,500, you can pay the taxes with the return.

✓ Monthly or Semiweekly Depositor: If the total tax liability for the year is $2,500 or more, follow the same deposit lookback rules.


Form 943-Employer’s Annual Federal Tax Return for Agricultural Employees

o Lookback Period: Your total taxes after adjustments and nonrefundable credits for the year (Form 943, line 13) are less than $2,500 and you’re paying in full, a timely filed return, or you’re a monthly schedule depositor. In this case, the amount of your payment may be $2,500 or more.

o Report Due Dates

✓ January 31 of the following year.

You must file Form 943 for each calendar year beginning with the first year that you pay $2,500 or more for farm work or you employ a farmworker who meets the $150 test explained under Social Security and Medicare Taxes, in section 9. Don’t report these wages on Form 941, Form 944, or Form 945. File your Form 943 by January 31st. However, if you made timely deposits

in full payment of your taxes for the year, you may file by February 10. Complete Form 943-V if you’re making a payment with Annual Form 943.

o Deposit Due Dates

Your total taxes after adjustments and nonrefundable credits for the year (Form 943, line 13) are less than $2,500 and you’re paying in full, a timely filed return, or you’re a monthly schedule depositor. In this case, the amount of your payment may be $2,500 or more. Otherwise, you must make deposits by electronic funds transfer.

✓ Monthly Schedule Depositor: If the total taxes on 943, line 13 during the lookback period were $50,000 or less, deposits are due by the 15th of the following month.

✓ Semiweekly Schedule Depositor: If the total taxes on 943, line 13 during the lookback period were more than $50,000, deposits are due on Wednesdays and/or Fridays, depending on when wages are paid.

Agricultural employers (who deposit income tax withheld and Social Security and Medicare taxes on a semiweekly schedule) use this Form 943-A to report their tax liability.


Form 945- Report federal income tax withheld from non-payroll payments

o Lookback Period: The lookback period is the second preceding calendar year. For example, for 2024, the lookback period is 2022

o Report Due Dates

✓ January 31 of the following year.

o Deposit Due Dates

✓ Monthly Schedule Depositor: If the total taxes on Form 945 during the lookback period were $50,000 or less, deposits are due by the 15th of the following month.

✓ Semiweekly Schedule Depositor: If the total taxes on Form 945 during the lookback period were more than $50,000, deposits are due on Wednesdays and/or Fridays, depending on when the withholding occurred.


Form 940 (FUTA)-Federal Unemployment Tax Act

o The FUTA tax rate is 6.0%. The tax applies to the first $7,000 you pay to each employee as wages during the year. The $7,000 is the federal wage base. Your state wage base may be different. Generally, you can take a credit against your FUTA tax for amounts you paid into (SUI) state unemployment funds. The credit may be as much as 5.4% of FUTA taxable wages. If you’re entitled to the maximum 5.4% credit, the FUTA tax rate after credit is 0.6%.

o Report Due Dates January 31 (include payment if under $500)

o Deposit Due Dates April 30, July 31, October 31, January 31 (liability over $500)


➢ Federal Income Tax (FIT) *file with FICA

Please follow these instructions: https://www.irs.gov/pub/irs-prior/p15t--2025.pdf

➢ State Income Tax (SIT) Refer to your department of revenue for deposit due dates and report due dates. New iCalculator


Here are the definitions that apply to lookback periods and deposits requirements


Lookback Period:

  • Form 941 filer, your deposit schedule for a calendar year is determined from the total taxes reported on Forms 941, line 12, in a 4-quarter lookback period. The lookback period begins July 1 and ends June 30

  • Form 943 or Form 944 filer for the current year or either of the preceding 2 years, your deposit schedule for a calendar year is determined from the total taxes reported during the second preceding calendar year (either on your Forms 941 for all 4 quarters of that year, your Form 943 for that year, or your Form 944 for that year). The lookback period for 2025 for a Form 943 or Form 944 filer is calendar year 2023.

  • Form 945 filer, your deposit schedule for a calendar year is determined from the total taxes reported on line 3 of your Form 945 for the second preceding calendar year. The lookback period for 2025 for a Form 945 filer is calendar year 2023.


➢ Monthly Schedule Depositor: If your total taxes during the lookback period were $50,000 or less, deposits are due by the 15th of the following month.

➢ Semiweekly Schedule Depositor: If your total taxes during the lookback period were more than $50,000, deposits are due on Wednesdays and/or Fridays, depending on when wages are paid.


Deposit Schedule:

➢ Monthly Depositor:

o Deposit Frequency: Deposits are made once a month.

o Due Date: Deposits are due by the 15th of the following month.

o Eligibility: Employers with a total tax liability of $50,000 or less during the lookback period.

➢ Semiweekly Depositor:

o Deposit Frequency: Deposits are made twice a week.

o Due Dates: Deposits are due on Wednesdays and/or Fridays, depending on when wages are paid.

o Eligibility: Employers with a total tax liability of more than $50,000 during the lookback period.

➢ $100,000 Next-Day Deposit Rule

If you accumulate $100,000 or more in taxes on any day during a monthly or semiweekly deposit period (see Deposit period, earlier in this section), you must deposit the tax by the next business day, whether you’re a monthly or semiweekly schedule depositor


New employers.

For Form 941 filers, your tax liability for any quarter in the lookback period before you started or acquired your business is considered to be zero. Therefore, you’re a monthly schedule depositor for the first calendar year of your business. For Form 943, Form 944, or Form 945 filers, your tax liability in the lookback period before you started or acquired your business is considered to be zero. Therefore, you're a monthly schedule depositor for the first and second calendar years of your business. Except for $100,000 Next-Day Deposit Rule.


How To Deposit

You must deposit employment taxes, including Form 945 taxes, by EFT. Generally, an EFT is made using EFTPS. If you don't want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. EFTPS is a free service provided by the Department of the Treasury. To get more information about EFTPS or to enroll in EFTPS, go to EFTPS.gov or call 800-555-4477, 800-244-4829 (Spanish), or 303-967-5916 (toll call). To contact EFTPS using TRS for people who are deaf, hard of hearing, or have a speech disability, dial 711 and then provide the TRS assistant the 800-555-4477 number or 800-733-4829. Additional Information about EFTPS is also available in Pub. 966.

Or use the new Direct Pay Service


Legal holidays

The term “legal holiday” means any legal holiday in the District of Columbia. For purposes of the deposit rules, the term “legal holiday” doesn't include other statewide legal holidays. Deposits Due on Business Days Only If a deposit is required to be made on a day that isn't a business day, the deposit is considered timely if it is made by the close of the next business day. A business day is any day other than a Saturday, Sunday, or legal holiday. For example, if a deposit is required to be made on a Friday and Friday is a legal holiday, the deposit will be considered timely if it is made by the following Monday (if that Monday is a business day).


Legal holidays for 2025 are listed next.

• January 1—New Year's Day

• January 20—Birthday of Martin Luther King, Jr./Inauguration Day

• February 17—Washington's Birthday

• April 16—District of Columbia Emancipation Day

• May 26—Memorial Day

• June 19—Juneteenth National Independence Day

• July 4—Independence Day

• September 1—Labor Day

• October 13—Indigenous Peoples' Day (Columbus Day)

• November 11—Veterans Day

• November 27—Thanksgiving Day

• December 25—Christmas Day


Accuracy of Deposits Rule

You’re required to deposit 100% of your tax liability on or before the deposit due date. However, penalties won't be applied for depositing less than 100% if both of the following conditions are met.

• Any deposit shortfall doesn't exceed the greater of $100 or 2% of the amount of taxes otherwise required to be deposited.

• The deposit shortfall is paid or deposited by the short fall makeup date:

Makeup Date for Deposit Shortfall:

• Monthly schedule depositor. Deposit the shortfall or pay it with your return by the due date of your return for the return period in which the shortfall occurred. You may pay the shortfall with your return even if the amount is $2,500 or more.

• Semiweekly schedule depositor. Deposit by the earlier of

a. The first Wednesday or Friday (whichever comes first) that falls on or after the 15th day of the month following the month in which the shortfall occurred, or

b. The due date of your return (for the return period of the tax liability).



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Payroll Pay Frequencies, Withholding Tax Deposit and Report Due Dates
Payroll Pay Schedules, Tax Deposit and Report Due Dates

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