Question

A semiweekly depositor that has a payroll tax liability of $50,000.00 from a Monday payroll must deposit the liability by:

Answer 1

A semiweekly depositor with a Monday payroll tax liability of $50,000 must deposit the payroll taxes by the following Wednesday.

Step-by-step explanation:

For employers in the United States, understanding and complying with the requirements for payroll taxes is critical. Payroll taxes include deductions from an employee's wages as well as taxes that an employer must pay based on their employees' wages. If you are a semiweekly depositor and you have a payroll on a Monday, creating a tax liability of $50,000, you are required to deposit the payroll taxes by the following Wednesday. Semiweekly depositors must generally deposit Employment Taxes either on the Wednesday or Friday following the payday, depending on the day of the week when you pay your employees.