If you are required to deposit payroll taxes monthly, deposit payroll tax liabilities for October 2021 on or before November 15, 2021.
The payroll process includes:
- Calculating and preparing paychecks
- Accounting for amounts withheld from these paychecks
- Making deposits of taxes withheld from paychecks
- Reporting on taxes withheld and deposits made.
Deposit Requirements:
Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. There are two deposits schedules as listed below:
- Semi-weekly schedules are for the largest employers.
- Monthly schedules are used by the majority of employers.
Payroll taxes must be deposited with the government in a timely manner. If you fail to make a timely deposit, you may be subject to a failure-to-deposit penalty of up to 15 percent.
by PasFirm