Was this page helpful?
Thank you!

Comments or suggestions?



Enter Email Address (optional)
email

About deposit schedules and frequencies

As an employer, you have specific payroll management responsibilities that are required by federal, state, and local government agencies. Some of these responsibilities include, but are not limited to, withholding amounts from your employees' compensation to cover income tax, Social Security, Medicare, unemployment insurance, and other payments, and making payments to the appropriate agencies according to a deposit schedule.

Deposit schedules

Reporting and depositing payroll taxes to the appropriate agency in an accurate and timely manner is vital to your business. Late or inaccurate deposit may result in penalties and interest charges. Your deposit schedule for a particular tax payment is determined by guidelines enforced by the tax agency; it's not determined by how often you pay your employees. Example

For example, the federal government requires employers to follow a payroll tax deposit schedule that is determined annually by a four-quarter lookback period. The amount of payroll taxes (Federal Withholding, Social Security, and Medicare) accumulated during the lookback period determines the employer's payroll tax deposit schedule for the current calendar year.

Most of the 50 states require that state income taxes be withheld on employee earnings in the state in which they work. Calculating and reporting tax withholding amounts requires familiarity with the laws of the states in which your company operates.

For information about the federal or your state agency's requirements and guidelines about deposit frequencies, visit the Go onlinePayroll Tax Compliance page and select your federal agency or state.

Deposit frequencies

When you set up scheduled tax payments for your payroll taxes in QuickBooks, you select a deposit frequency that determines accrual amounts and the payment due date that's displayed in the Payroll Center. QuickBooks detects the type of payroll tax payment you're setting up and provides only those options required by the agency's deposit schedule for that payroll tax. Periodically, the agency reviews your deposit schedule and notifies you of your current deposit frequency. How?

The agency may notify you by mail or via their Web site, if you're registered. If you're not sure about your current deposit schedule or which deposit frequency you should select when you set up your scheduled payments, Go onlinecontact the tax agency.

For information about the federal or your state agency's requirements and guidelines about deposit frequencies, visit the Go onlinePayroll Tax Compliance page and select your federal agency or state.

For Assisted Payroll subscribers

Because your payroll taxes and liabilities are handled by Assisted Payroll, you do not need to set up deposit frequencies or make your deposit payments through QuickBooks.

See also

KB ID# H_PAY_OV_SETTING_DEPOSIT_FREQUENCIES
12/8/2016 3:55:51 AM
PPRDQSSWS400 9138 Pro 2017 b7c359