Does our second semi-weekly deposit of this year count towards last year (2003) or for this year? For those of you that don't know what I'm talking, Businesses need to pay taxes on the employees every two weeks or every month. It depends if your taxes exceed $50,000 in the previous calendar year. We exceed that, so I'm wondering if both of our semi-weekly deposit in January count towards last year or just the first. One was made on Jan/9 (I'm sure this one counts towards 2003) the other on Jan/23 (not sure)..

Also, if we give paychecks this friday April 2 and it's for the pay period ending April the 2nd, does that count towards the first quarter or the second quarter. We pay employees weekly. My opinion is that it counts towards the second quarter. Since the pay day falls in the second quarter..

Thanks..

 

You are supposed to indicate what type of tax and what quarter the deposit if for when you make the deposit. So whatever you told them will be the payroll period it's for. Second, the date of the payroll determines what quarter it goes into, so Friday's checks are second quarter, even if you were paying bonuses from three years ago.

 

Thanks.. I don't remember where I read this, but as a general rule of thumb, the paycheck belongs to the quarter in which the check is written.
As for the 941s. What other information could I give you so you could help me determine if the second semi-weekly deposit of 2004 belongs to 03 or 04? We were semi-weekly depositors for all of last year.. The reason it's so hard to figure out for us, is because by our estimates, we overpaid last year by 21k. All because of our ignorant ex-accountant. We have a refund check coming in on April 16 for 9k )for the third quarter.. So now we are trying to do everything correct.

I also understand that if payday falls on friday you must pay by the following wednesday. Our accoutant had told us that we needed to pay the following friday. My questions is, how would the IRS knoww when your payday is?

 

anyone else?

 

Who is this idiot newyorker8? Mods should delete this stuff, unless it's meant to be an April Fools joke.
EVAN, sorry I can't help you now. only 2 weeks till April 15. Go back and match up your payroll liabilities with your deposits. That should tell you what your deposits were for. They must vary a lot, esp for January when FICA taxes start over for everybody.
On your 941 you tell the IRS when your liability occurred, so if you tell the truth (it's an honor system until you are audited) they know when the payroll deposit was due and when it was made.

 

Working on deleting his stuff.

 

Anymore input?