Question

A semiweekly depositor's payday is Friday. If the company's tax liability for a pay period is $60,000.00, the company's payroll tax deposit is due:

Answer 1

Payroll taxes are taxes that employers pay on behalf of their employees and are based on the employee's wages. In the case of a semiweekly depositor, the payroll tax deposit is due on Wednesday following a Friday payday.

Step-by-step explanation:

Payroll taxes are taxes that employers are required to pay when they pay salaries to their staff. Payroll taxes generally fall into two categories: deductions from an employee's wages, and taxes paid by the employer based on the employee's wages. In the case of a semiweekly depositor, the payroll tax deposit would be due on the following Wednesday for a payday on Friday. The company's tax liability of $60,000.00 would need to be deposited by Wednesday to meet the IRS requirements.