Payroll Tax Deposits and the Importance of Paying On Time
Payroll tax compliance is critical to the long-term health of your business. Discover the keys to staying compliant in this article from Baldwin CPAs.
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This is the second in a series titled Ask My Accountant, where Baldwin CPAs Elevate team is breaking down your top questions. Follow the series to get answers to your key questions. If you have a question that you would like answered, leave it in a comment below!
How often should payroll taxes be deposited?
Your payroll date and the tax liability amount determine when taxes are due. Federal taxes most commonly are due monthly or semi-weekly and could have a quarterly or next business day deposit requirement. State payroll taxes generally are due monthly or quarterly and some states, including Kentucky, have a twice per month due date. Cities, counties, and incorporated municipalities usually have a monthly or quarterly due date.
This article was written by Frances Johnson. Frances is a Senior Payroll Specialist with Baldwin CPAs. For more information on the support Baldwin CPAs can provide you, contact frances.johnson@baldwincpas.com.
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