Publication 80 - Federal Tax Guide (Circular Ss) - Internal Revenue Service - 2012 Page 10
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25Adjustments to lookback period taxes. To determine
you will need to make separate deposits for the separate
your taxes for the lookback period, use only the tax that
liabilities.
you reported on the original returns (Forms 941-SS,
Example. If you have a pay date on Saturday, March
944-SS, or Form 943). Do not include any adjustments
31, 2012 (first quarter), and another pay date on Sunday,
shown on Form 941-X, Form 944-X, or Form 943-X.
April 1, 2012 (second quarter), two separate deposits will
Example. An employer originally reported total taxes of
be required even though the pay dates fall within the same
$45,000 for the lookback period. The employer discovered
semiweekly period. Both deposits will be due on Friday,
April 6, 2012 (3 business days from the end of the semi-
during January 2012 that the tax reported during the look-
weekly deposit period).
back period was understated by $10,000 and corrected
this error by filing Form 941-X. The employer is a monthly
schedule depositor for 2012 because the lookback period
Examples of Monthly and Semiweekly
tax liabilities are based on the amounts originally reported,
Schedules
and they were $50,000 or less.
Employers of nonfarm workers. Rose Co. reported
Deposit Period
Form 941-SS taxes as follows:
The term “deposit period” refers to the period during which
2011 Lookback Period
tax liabilities are accumulated for each required deposit
3rd Quarter 2009 . . . . . . . . . . . . . . . . . . . . . . . $12,000
due date. For monthly schedule depositors, the deposit
period is a calendar month. The deposit periods for semi-
4th Quarter 2009 . . . . . . . . . . . . . . . . . . . . . . .
12,000
weekly schedule depositors are Wednesday through Fri-
1st Quarter 2010 . . . . . . . . . . . . . . . . . . . . . . . .
12,000
day and Saturday through Tuesday.
2nd Quarter 2010 . . . . . . . . . . . . . . . . . . . . . . .
12,000
Monthly Deposit Schedule
$48,000
If your total tax reported for the lookback period is $50,000
2012 Lookback Period
or less, you are a monthly schedule depositor for the
3rd Quarter 2010 . . . . . . . . . . . . . . . . . . . . . . . $12,000
current year. You must deposit taxes on wage payments
made during a calendar month by the 15th day of the
4th Quarter 2010 . . . . . . . . . . . . . . . . . . . . . . .
12,000
following month.
1st Quarter 2011 . . . . . . . . . . . . . . . . . . . . . . . .
12,000
New employers. Your tax liability for any quarter in the
2nd Quarter 2011 . . . . . . . . . . . . . . . . . . . . . . .
15,000
lookback period before the date you started or acquired
$51,000
your business is considered to be zero. Therefore, you are
a monthly schedule depositor for the first calendar year of
Rose Co. is a monthly schedule depositor for 2011 be-
your business (but see the
$100,000 Next-Day Deposit
cause its taxes for the four quarters in its lookback period
Rule, later in this section).
($48,000 for the 3rd quarter of 2009 through the 2nd
quarter of 2010) were not more than $50,000. However, for
2012, Rose Co. is a semiweekly schedule depositor be-
Semiweekly Deposit Schedule
cause the total taxes for the four quarters in its lookback
period ($51,000 for the 3rd quarter of 2010 through the 2nd
If your total tax reported for the lookback period is more
quarter of 2011) exceeded $50,000.
than $50,000, you are a semiweekly schedule depositor for
the current year. If you are a semiweekly schedule deposi-
Employers of farmworkers. Red Co. reported taxes on
tor, you must deposit on Wednesday and/or Friday, de-
its 2010 Form 943 (line 9) of $48,000. On its 2011 Form
pending on what day of the week that you make wage
943 (line 9), it reported taxes of $60,000.
payments, as follows.
Red Co. is a monthly schedule depositor for 2012 be-
•
Deposit taxes on wage payments made on Wednes-
cause its taxes for its lookback period ($48,000 for calen-
day, Thursday, and/or Friday by the following
dar year 2010) were not more than $50,000. However, for
Wednesday.
2013, Red Co. is a semiweekly schedule depositor be-
cause the total taxes for its lookback period ($60,000 for
•
Deposit taxes on wage payments made on Satur-
calendar year 2011) exceeded $50,000.
day, Sunday, Monday, and/or Tuesday by the follow-
ing Friday.
New agricultural employers. New agricultural employ-
ers filing Form 943 are monthly schedule depositors for the
Semiweekly depositors are generally not required to
first and second calendar years of their business because
deposit twice a week if their payments were in the same
their taxes for the lookback period (2 years) are considered
semiweekly period unless the
$100,000 Next-Day Deposit
to be zero. However, see the
$100,000 Next-Day Deposit
Rule, discussed later in this section, applies. For example,
Rule, later in this section.
if you made a payment on both Wednesday and Friday and
incurred taxes of $10,000 for each pay date, deposit the
Deposits on Business Days Only
$20,000 on the following Wednesday. If you made no
additional payments on Saturday through Tuesday, no
If a deposit due date falls on a day that is not a business
deposit is due on Friday.
day, the deposit is considered timely if it is made by the
Semiweekly deposit period spanning two quarters. If
close of the next business day. A business day is any day
you have more than one pay date during a semiweekly
other than a Saturday, Sunday, or legal holiday. For exam-
period and the pay dates fall in different calendar quarters,
ple, if a deposit is required to be made on Friday, but Friday
Page 10
Publication 80 (2012)
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