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Making Payroll Tax Deposits

When to Make Deposits, How Much to Deposit, How to Deposit


Making Payroll Tax Deposits

Federal Payroll Taxes
Payroll taxes, according to the IRS, are the taxes paid for OASDI (Old Age, Survivor's and Disability Insurance) or Social Security, and Medicare. Employers and employees share in these taxes

Payroll Tax Deposits - How Much to Deposit
Each time you make a deposit, you must deposit amounts from previous payrolls, including FICA taxes withheld from employees, federal income taxes withheld from employees, and FICA taxes owed by you as the employer (equal to FICA amounts withheld from employees).

When to Deposit Payroll Taxes
The determination of how often and when you must make payroll deposits is based on the amount you reported during the lookback period. For the purpose of determining due dates, employment taxes include both the withholding amounts and FICA (OASDI and Medicare) amounts withheld, and employer contributions. Payroll tax deposits are made either semi-weekly, monthly, or annually.

How to Make Payroll Tax Deposits
Starting January 1, 2011, you must use the Electronic Federal Tax Payment System (EFTPS) to make federal payroll tax deposits. After you enroll in EFTPS, you can use the system to pay other business taxes, in addition to payroll taxes..

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