Publication 80 - Circular Ss - Department Of The Treasury Page 9
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24employer discovered during February 2004 that the tax
Examples of Monthly and Semiweekly
during the lookback period was understated by $10,000
Schedules
and corrected this error with an adjustment on the 2004
first quarter Form 941-SS. The employer is a monthly
Employers of nonfarm workers. Rose Co. reported
schedule depositor for 2004 because the lookback period
Form 941-SS taxes as follows:
tax liabilities are based on the amounts originally reported,
and they were less than $50,000. The $10,000 adjustment
2003 Lookback Period
is treated as part of the 2004 taxes.
3rd Quarter 2001 . . . . . . . . . . . . . . . . . . . . . . . $12,000
4th Quarter 2001 . . . . . . . . . . . . . . . . . . . . . . .
12,000
Monthly Deposit Schedule
1st Quarter 2002 . . . . . . . . . . . . . . . . . . . . . . . .
12,000
If your total tax reported for the lookback period is $50,000
2nd Quarter 2002 . . . . . . . . . . . . . . . . . . . . . . .
12,000
or less, you are a monthly schedule depositor for the
$48,000
current year. You must deposit taxes on wage payments
made during a calendar month by the 15th day of the
2004 Lookback Period
following month.
3rd Quarter 2002 . . . . . . . . . . . . . . . . . . . . . . . $12,000
New employers. During the first calendar year of your
business, your taxes for the lookback period are consid-
4th Quarter 2002 . . . . . . . . . . . . . . . . . . . . . . .
12,000
ered to be zero. Therefore, you are a monthly schedule
1st Quarter 2003 . . . . . . . . . . . . . . . . . . . . . . . .
12,000
depositor for the first calendar year of your business (but
2nd Quarter 2003 . . . . . . . . . . . . . . . . . . . . . . .
15,000
see the $100,000 Next-Day Deposit Rule on page 10).
$51,000
Semiweekly Deposit Schedule
Rose Co. is a monthly schedule depositor for 2003 be-
cause its taxes for the four quarters in its lookback period
If your total tax reported for the lookback period is more
($48,000 for the 3rd quarter of 2001 through the 2nd
than $50,000, you are a semiweekly schedule depositor for
quarter of 2002) were not more than $50,000. However, for
the current year. If you are a semiweekly schedule deposi-
2004, Rose Co. is a semiweekly schedule depositor be-
tor, you must deposit on Wednesday and/or Friday, de-
cause the total taxes for the four quarters in its lookback
pending on what day of the week that you make wage
period ($51,000 for the 3rd quarter of 2002 through the 2nd
payments, as follows:
quarter of 2003) exceeded $50,000.
•
Deposit taxes on wage payments made on Wednes-
Employers of farmworkers. Red Co. reported taxes on
day, Thursday, and/or Friday by the following
its 2001 Form 943 of $48,000. On its 2002 Form 943, it
Wednesday.
reported taxes of $60,000.
•
Deposit taxes on wage payments made on Satur-
Red Co. is a monthly schedule depositor for 2003 be-
day, Sunday, Monday, and/or Tuesday by the follow-
cause its taxes for its lookback period ($48,000 for calen-
ing Friday.
dar year 2001) were not more than $50,000. However, for
2004, Red Co. is a semiweekly schedule depositor be-
cause the total taxes for its lookback period ($60,000 for
Semiweekly deposit period spanning two quarters. If
calendar year 2002) exceeded $50,000.
you have more than one pay date during a semiweekly
period and the pay dates fall in different calendar quarters,
New agricultural employers filing Form 943 are monthly
you will need to make separate deposits for the separate
schedule depositors for the first and second calendar
liabilities. For example, if you have a pay date on Wednes-
years of their business because taxes for the lookback
day, March 31, 2004 (first quarter), and another pay date
period (two years) are considered to be zero. However,
on Friday, April 2, 2004 (second quarter), two separate
see the $100,000 Next-Day Deposit Rule on page 10.
deposits will be required even though the pay dates fall
within the same semiweekly period. Both deposits will be
Deposits on Banking Days Only
due Wednesday, April 7, 2004 (three banking days from
the end of the semiweekly deposit period).
If a deposit due date falls on a day that is not a banking
day, the deposit is considered timely if it is made by the
close of the next banking day. In addition to Federal and
Deposit Period
state bank holidays, Saturdays and Sundays are treated
The term “deposit period” refers to the period during which
as nonbanking days. For example, if a deposit is required
tax liabilities are accumulated for each required deposit
to be made on Friday, but Friday is not a banking day, the
due date. For monthly schedule depositors, the deposit
deposit is considered timely if it is made by the following
period is a calendar month. The deposit periods for semi-
Monday (if Monday is a banking day).
weekly schedule depositors are Wednesday through Fri-
Semiweekly schedule depositors will always have at
day and Saturday through Tuesday.
least three banking days to make a deposit. That is, if any
Page 9
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