When are Business Payroll Taxes Due?

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When are Business Payroll Taxes Due?

The business payroll tax is a necessary tax every employer must withhold from his/her employees’ paycheck before payment. At the end of every calendar year and the start of a new one, every employer holds the responsibility of ensuring that all tax forms applicable to his/her business are filed accurately and promptly.

It is vital that every employer have an in-depth awareness about the business payroll tax due dates because the IRS is strict about timeliness. Failure to pay on time might cause steep penalties that must be avoided at all cost.

For a lot of businesses across the country, here are a few key dates that must be strictly followed every year.

January 31

January 31 is the most critical tax date, especially regarding business payroll tax. This is the date when a lot of business forms are due. As required by law, by midnight on January 31, businesses must file the following form reports.

1.    File W-2 and W3 Forms

The wages, taxes, and withholding to both the Social Security Administration and the IRS are reported in these forms. Also, it is crucial that you provide your employees with copies of the W-2 by the end of January.

2.    File Form 940

This form is a requirement for all employers who pay federal unemployment tax. However, there is a ten days extension period if you deposited all your FUTA deposits when due.

3.    File Forms 943, 944, and 945

Some employers may require filing these forms. When these forms apply to your company, it is vital that your in-house payroll staff or outsourced payroll provider be made aware of them.

4.    File Forms 1099 and 1096

The forms 1099 and 1096 relate to miscellaneous incomes paid to independent contractors, freelancers, and other non-employees. However, the January deadline, in this case, applies only when reporting non-employee compensation in box 7.

February 28

By February 28, employers will be required to file the following forms:

  • Copy A of the paper Form 1099 without those with entries in box 7
  • File paper Form 8027 which is used in reporting the employer’s annual information return of tip income and all allocated tips.

March 31

By midnight on the 31st of March, businesses must file the following forms:

  • Form electronic 1099 without box entries in box 7
  • Form electronic 8027

April, July 31, October 31 and January 31 (for the fourth quarter of the previous calendar year)

The Legal tax authorities expect employers to file the Form 941 (employer’s quarterly federal tax return) for the fourth quarter of the previous calendar on the above dates. However, there is a 10-day extension period if all required taxes are deposited timely.

Deducing Business Payroll Tax Due Dates

Generally, payroll tax due dates depend on your business deposit time frame. Monthly and semi-weekly deposit schedules may be available, but it is essential that you evaluate which time frame is excellent for your business.

Also, you should base all schedules on the total tax liabilities and information as seen on the forms 944, 945 and 941.

As a rule of thumb, semi-weekly payers may make deposits based on their payday time frame. Therefore, employers who issue paychecks on Wednesday, Thursday, or Friday are required to make tax deposits on the following Wednesday. For those who issue paychecks on Monday, Tuesday, Saturday, or Sunday, tax deposits must be made by the following Friday. In both cases, deposit reports must be filed quarterly.

For monthly payers are, deposits must be made by the 15th of the month for the previous month’s taxes. And these deposits must also be reported quarterly.

Do you have problems understanding all the information concerning business payroll tax due dates? No worries, as a team of expert payroll professionals, we proffer a complete business payroll tax service solution. Call us at (212) 320-8191 or send a message to info@urgenttaxservices.com.

Urgent Tax Services

6009 16th Ave,

Brooklyn, NY 11204

Ph. (212) 320-8191

Fax (646) 626-6447



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