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Understanding the Electronic Federal Tax Payment System (EFTPS) deposit schedules can simplify the challenging process of handling federal tax deposits. EFTPS provides a structured timelines for business owners, employers, individuals, corporations, and others to electronically make their federal tax payments, ensuring compliance with IRS regulations.
Read this article to learn more about each component of EFTPS deposit schedules.
What are EFTPS Deposit Schedules?
EFTPS deposit schedules refer to the timelines set by the IRS for businesses and individuals to deposit federal tax payments, including payroll taxes, FUTA tax, withholding tax, excise tax, and non-profit organization tax. These schedules determine how frequently you must deposit taxes—usually monthly or semi-weekly—based on the total tax liability reported during a specific lookback period. Adhering to the correct deposit schedule is essential for maintaining compliance with IRS regulations.
What is the Difference Between a Monthly and Semiweekly Deposit Schedule?
The difference between a monthly and semiweekly deposit schedule revolves around the frequency of payroll tax deposits based on the employer's tax liability during the lookback period:
1. Monthly Deposit Schedule
Who Follows It: Employers with $50,000 or less in tax liability during the lookback period.
Deposit Frequency: Once a month.
Deposit Due Date: Taxes are due by the 15th of the month following the payroll payment.
2. Semiweekly Deposit Schedule:
Who Follows It: Employers with more than $50,000 in tax liability during the lookback period.
Deposit Frequency: Multiple times a week, depending on when wages are paid.
Deposit Due Dates:
For wages paid on Wednesday, Thursday, or Friday, taxes are due by the following Wednesday.
For wages paid on Saturday, Sunday, Monday, or Tuesday, taxes are due by the following Friday.
Payroll tax deposit schedule for FICA taxes - Form 941
A payroll tax (Form 941) deposit schedule determines the timing for depositing several important taxes.
Federal income tax
Social security tax
Medicare tax
The tax deposit schedule specifies when the taxes must be deposited. The payroll deposit schedule for FICA taxes can be monthly or semiweekly. In some cases, it may require a next-day deposit. The due date is based on the total tax liability during the lookback period.
What is a Lookback Period?
The lookback period is the duration that employers use to determine when to deposit withheld FICA taxes (Social Security and Medicare) and federal income tax. For those who file Form 941, the lookback period covers 12 months (four quarters) starting from July 1st of the second preceding year and ending on June 30th of the prior year.
For example, the lookback period for the year 2024 spans from July 1, 2022, to June 30, 2023.
If the due date falls on a Saturday, Sunday, or federal legal holiday, the deposit is due the next business day. Here's a breakdown of the payroll tax deposit schedule due dates.
Types of Schedule
Monthly Deposit Schedule
Semiweekly Deposit Schedule
Next-Day Deposit Schedule
Due Date
The 15th of the month after paying the taxable wages
Wednesday (if the payday falls on a Wednesday, Thursday, or Friday)
The next business day (if you accumulate $100,000 or more in taxes on any day)
Thursday (if the payday falls on a Saturday, Sunday, Monday, or Tuesday)
Payroll tax deposit schedule for FUTA tax - Form 940
FUTA (Federal Unemployment Tax Act) tax is paid solely by employers and is not withheld from employees' wages. Most employers are responsible for paying both federal and state unemployment taxes. Here is the breakdown of when FUTA taxes should be deposited:
Quarterly Liability Over $500: Deposit by the last day of the month following the quarter.
Quarterly Liability $500 or Less: Carry it forward to the next quarter until the total exceeds $500. If still $500 or less by the end of the year, pay with the annual return by January 31.
Quarter
Ending
FUTA TAX Deposit Due Date
Q1-January, February, March
March 31
April 30
Q2- April, May, June
June 30
July 31
Q3- July, August, September
September 30
October 31
Q4- October, November, December
December 31
January 31
Tax deposit schedule for other payroll forms - 943,944,945 Forms
As mentioned above, the same deposit schedules monthly and semiweekly applies to the following payroll forms, such as Form 943,944,945.
Tax deposit schedule for U.S Corporation Income Tax - Form 1120
The tax deposit schedule for U.S. Corporation Income Tax (Form 1120) revolves around annual estimated tax deposits corporations must make. You generally need to deposit taxes in installments if you expect to owe $500 or more of the total tax when filing Form 1120.
You are required to make tax deposits in four installments during the year. The deposits are based on your estimated tax liability for the year, and the due dates are as follows:
1st installment: Due by the 15th day of the 4th month of the tax year ( April 15)
2nd installment: Due by the 15th day of the 6th month of the tax year (June 15)
3rd installment: Due by the 15th day of the 9th month of the tax year (September 15)
4th installment: Due by the 15th day of the 12th month of the tax year (December 15)
Tax deposit schedule for Excise Tax - Form 720
Excise taxes need to be deposited on a semi monthly basis. Each month is divided into two semi monthly periods.
First Semimonthly period: the first period covers the first 15 days of the month
Second Semimonthly period: the second period covers from the 16th to the last day of the month
To learn more about the tax deposits for excise taxes, refer to publication 720.
Tax deposit schedule for Withholding Tax - Form 1042
To deposit taxes withheld on Form 1042 (whether under Chapter 3, Chapter 4, or related to federal procurement payments), the frequency of your deposits depends on the amount of tax withheld. Below are the rules that explain how often deposits need to be made.
Quarter-Monthly Deposits:
If the total amount of undeposited taxes reaches $2,000 or more by the end of any quarter-monthly period, you must deposit these taxes within 3 business days after the period ends.
Quarter-monthly periods end on the 7th, 15th, 22nd, and the last day of each month.
Monthly Deposits:
If the total undeposited taxes at the end of any month are at least $200 but less than $2,000, you must deposit the taxes within 15 days after the month ends.
If you deposit $2,000 or more during the month (under rule 1 above), any leftover balance of less than $2,000 should be carried over to the next month, except in December.
December Exception:
If the remaining balance is less than $2,000 at the end of December, this amount should be paid with your Form 1042 by March 15, 2024.
Year-End Deposits:
If the total undeposited taxes at the end of the calendar year are less than $200, you have two options:
Pay the taxes directly with your Form 1042.
Deposit the total amount by March 15, 2024.
Tax Deposit Schedule for Railroad Retirement Tax- Form CT-1
The tax deposit schedule for railroad retirement tax is determined from the total taxes reported on Form CT-1 for the calendar year lookback period.
For example, to determine the deposit schedule taxes based on Form CT-1 for 2024, use the lookback period from 2022, the second calendar year before 2024.
1. If the total taxes reported on Form CT-1 were $50,000 or less:
Deposit Schedule: Follow the monthly deposit schedule.
Due Date: Deposit taxes by the 15th day of the following month.
2. If the total taxes for 2022 were more than $50,000:
Deposit Schedule: Follow the semiweekly deposit schedule.
Due Dates:
Taxes withheld on Wednesday, Thursday, or Friday must be deposited by the following Wednesday.
Taxes withheld on Saturday, Sunday, Monday, or Tuesday must be deposited by the following Friday.
Tax Deposit Schedule For Non-profit Organization Tax- Form 990-PF,990-T
The tax deposit schedules for non-profit organization taxes, such as Form 990-PF and Form 990-T, align with the deadlines for filing these forms. Payments are typically due by the 15th day of the fifth month after the end of the organization’s fiscal year, ensuring consistency in the filing and payment timelines.
Pay Your Federal Taxes with TaxBandits EFTPS Online Payment Solution!
TaxBandits provides an EFTPS online payment solution that offers a seamless way of handling federal tax payments. Here are the simple steps to pay your federal taxes in EFTPS through TaxBandits:
