Major Tax Deadlines For May 2018
Note: Businesses are required to make federal tax deposits on dates determined
by various factors that differ from business to business.
Payroll tax deposits: Employers generally must deposit Form 941 payroll
taxes (income tax withheld from employees’ pay and both the employer’s
and employees’ share of FICA taxes) on either a monthly or
semiweekly deposit schedule. There are exceptions if you owe $100,000
or more on any day during a deposit period, if you owe $2,500 or less
for the calendar quarter, or if your estimated annual liability is $1,000
- Monthly depositors are required to deposit payroll taxes accumulated within
a calendar month by the fifteenth of the following month.
- Semiweekly depositors generally must deposit payroll taxes on Wednesdays
or Fridays, depending on when wages are paid.
For more information on tax deadlines that apply to you or your business, contact our office.