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.
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
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 Payroll Tax Compliance page and select your federal agency or state.
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?
For Assisted Payroll subscribers
Setting up scheduled tax payments
Payroll tax deposit frequencies
Lookback period (definition)