Two deposit schedules—monthly and semiweekly—are used to
determine when you deposit social security, Medicare, and withheld income taxes.
Your deposit schedule is based on the total tax liability you reported on
Form 941 during a four-quarter lookback
period. Your deposit schedule is not determined by how
often you pay your employees. Because penalties can accrue for late deposits,
it's extremely important that you select the correct deposit schedule for
your company. Review the following topics for more information about how and
when you should deposit your payroll taxes.
For more information, contact your professional tax advisor or
contact the IRS.