Employment Tax Deposit Due Dates

by admin 11. September 2013 10:04

In general, you must deposit federal income tax withheld and both the employer and employee social security and Medicare taxes.

There are two deposit schedules, monthly and semi-weekly. Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. The deposit schedule you must use is based on the total tax liability you reported on Form 941 during a lookback period. See special rules for Forms 944 and 945. Schedules for depositing and reporting taxes are not the same.

You must use electronic funds transfer (EFTPS) to make all federal tax deposits.

Monthly Depositor

Under the monthly deposit schedule, deposit employment taxes on payments made during a month by the 15th day of the following month. Employers who deposit monthly should only report their deposits quarterly or annually by filing Form 941 or Form 944.

Semi-weekly Depositor

Under the semiweekly deposit schedule, deposit employment taxes for payments made on Wednesday, Thursday, and/or Friday by the following Wednesday. Deposit taxes for payments made on Saturday, Sunday, Monday, and/or Tuesday by the following Friday. Report your deposits quarterly or annually only by filing Form 941 or Form 944.

FUTA Deposits

Deposit FUTA tax by the last day of the first month that follows the end of the quarter. If the due date for making your deposit falls on a Saturday, Sunday, or legal holiday, you may make your deposit on the next business day.

If your liability for the fourth quarter (plus any undeposited amount from any earlier quarter) is over $500, deposit the entire amount by the due date of Form 940 (January 31). If it is $500 or less, you can make a deposit, pay the tax with a credit or debit card, or pay the tax with your 2011 Form 940 by January 31.

source: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employment-Tax-Due-Dates

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2013 Federal Tax Update: IRS Treats Same-sex Marriages Equally

by admin 3. September 2013 07:39

Married same-sex couples will be treated the same as opposite-sex couples for tax purposes, the Obama administration announced on Sep 29, regardless of where they live now.

The Treasury Department, following up on the Supreme Court's ruling in June striking down a key section of the 1996 Defense of Marriage Act, announced that gay and lesbian married couples can file joint federal tax returns

Legally-married same-sex couples generally must file their 2013 federal income tax return using either the “married filing jointly” or “married filing separately” filing status.


All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

Federal Tax Tables

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43% of Americans won't pay federal income taxes

by admin 3. September 2013 03:56

A little more than 43% of U.S. households -- or 70 million homes - will end up owing no federal income taxes for 2013. CNNMoney reports, citing a new report from the Tax Policy Center.

The households with zero income tax liability are not evenly distributed across income groups. The majority this year -- nearly 67% -- have incomes below $30,000.

"Many people who pay no income tax simply have too little income to owe tax. The rest benefit from the tax code's many preferences -- exclusions, deductions, exemptions, and credits -- that zero out the tax they would otherwise pay," said Roberton Williams of the Tax Policy Center.

Source: http://money.cnn.com/2013/08/29/pf/taxes/who-doesnt-pay-federal-income-taxes/index.html?source=yahoo_hosted

Federal Tax Tables


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IRS announces income tax changes for 2012

by admin 6. December 2011 11:35

The IRS announced that several new changes would be in effect for tax year 2012. These changes were made due to inflation and will have an impact on nearly every taxpayer in the country.


·                      The tax rate for social security is 6.2% each for the employee and employer. (It was 4.2% for employee in Year 2011)

·                      The social security wage base limit is $110,100. (It was $106,800.00 in Year 2011)

·                      Personal and dependent exemptions: $3800 (It was $3,700 in Year 2011)

·                      An increase in tax-bracket thresholds


Federal Tax Table


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