Payroll Schedule | JM Texas CPA - Frisco, Texas - Johnene Marcum

Texas CPA

FAQ

When Are My Taxes Due?

What are the payroll tax requirements?

Employee or Contractor?

What are the elements of a basic business plan?

Payroll Schedule

	Monthly
15th of EACH month	Social Security, Medicare and Federal Withholding tax is due the 15th day after month end (e.g. the deposit for June payroll must be made by July 15). If your total deposits for the quarter are less than $2,500 you can pay the tax with quarterly Form 941 rather than monthly. Otherwise, these payments must be made electronically at www.EFTPS.com. The payment must be setup online no later than 1 business day before the due date. If your annual 941 tax exceeds $50,000, you must make deposits semiweekly. Register with IRS for EFTPS online payment at www.EFTPS.com. If you don't yet have your PIN you can call EFTPS to setup the payment.
	Quarterly
Last day of month following quarter end	State unemployment form and payment are due. (e.g. 1st quarter tax is due 4/30.) TX: Register and file online for TX at https://apps.twc.state.tx.us/UITAXREG/security/selfRegister.do. FL: Register online for FL at https://taxapps.floridarevenue.com/TaxRegistration/Account/Register Then enroll to file online at: https://taxapps.state.fl.us/eenrollment/ and click on Enroll New Accounts.
Last day of month following quarter end	Complete and mail form 941. File online at esmartpayroll.com or efile4biz.com or for free with Quickbooks Enhanced Payroll. You need to obtain a PIN from IRS.
Last day of month following quarter end	Make 940 deposits (federal unemployment) quarterly if the deposit amount is over $500. Like the 941 tax, these payments must be made at www.EFTPS.com. If your liability never reaches $500 for the year, this payment can be made with form 940 on 1/31 or online with EFTPS.
	Yearly
31st of January	Complete and mail Federal Unemployment form 940. This form can also be filed electronically for free with Quickbooks Enhanced Payroll. You need to obtain a PIN from IRS.
31st of January	Form W-2s to employees and Form W-3 and W-2s to Social Security Office or these can be filed electronically for free with Quickbooks Enhanced Payroll.
31st of January	Form 1096 and 1099-misc to IRS and non-corporate vendors that provided services totaling more than $599 for the year and all attorney fees regardless of entity type. These can also be filed electronically at esmartpayroll.com or efile4biz.com.