Final answer:
A semiweekly depositor who incurs payroll tax liabilities totaling $105,000 across Tuesday and Wednesday needs to make a deposit of the full amount by the subsequent Friday. Payroll taxes are shared responsibilities between employers and employees and typically need to be paid in adherence to tax deposit schedules.
Step-by-step explanation:
When a semiweekly depositor incurs payroll tax liabilities of $80,000.00 on Tuesday and an additional $25,000.00 on Wednesday, the total liability amount to be deposited is $105,000.00. This deposit must be made by the following Friday. Payroll taxes include deductions from an employee's wages and taxes paid by the employer based on the employee's wages. These are used to fund programs such as Social Security and Medicare. Typically, these taxes are split between the employer and the employee, but effectively, they can impact the employee's overall compensation.
It is important to remember that payroll taxes for Social Security are imposed at a progressive rate up to a certain income cap, while Medicare taxes are assessed at a consistent rate with no wage limit. Understanding these details helps employers accurately fulfill their tax deposit requirements on time.