Publication 80 - (Circular Ss),federal Tax Guide For Employers In The U.s. Virgin Islands, Guam, American Samoa, And The Commonwealth Of The Northern Mariana Islands Page 9
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24•
Deposit taxes on wage payments made on Satur-
Lookback Period for Calendar Year 2005
day, Sunday, Monday, and/or Tuesday by the follow-
ing Friday.
Lookback Period
2003
2004
2005
Semiweekly deposit period spanning two quarters. If
July 1
Oct. 1
Jan. 1
Apr. 1
Calendar
↓
↓
↓
↓
you have more than one pay date during a semiweekly
Year
Sept.
Dec.
Mar. 31
June 30
period and the pay dates fall in different calendar quarters,
30
31
Jan.–Dec.
you will need to make separate deposits for the separate
liabilities. For example, if you have a pay date on Wednes-
day, March 30, 2005 (first quarter), and another pay date
on Friday, April 1, 2005 (second quarter), two separate
deposits will be required even though the pay dates fall
Lookback period for employers of farmworkers. The
within the same semiweekly period. Both deposits will be
lookback period for Form 943 is the second calendar year
due Wednesday, April 6, 2005 (three banking days from
preceding the current calendar year. The lookback period
the end of the semiweekly deposit period).
for calendar year 2005 is calendar year 2003.
Adjustments to lookback period taxes. To determine
Deposit Period
your taxes for the lookback period, use only the tax that
you reported on the original returns (Forms 941-SS, Forms
The term “deposit period” refers to the period during which
941, or Forms 943). Do not include adjustments made on a
tax liabilities are accumulated for each required deposit
supplemental return filed after the due date of the return.
due date. For monthly schedule depositors, the deposit
However, if you make adjustments on Form 941-SS or
period is a calendar month. The deposit periods for semi-
Form 943, the adjustments are included in the total tax for
weekly schedule depositors are Wednesday through Fri-
the period in which the adjustments are reported.
day and Saturday through Tuesday.
Example of adjustments. An employer originally re-
ported total taxes of $45,000 for the lookback period. The
Examples of Monthly and Semiweekly
employer discovered during February 2005 that the tax
Schedules
during the lookback period was understated by $10,000
and corrected this error with an adjustment on the 2005
first quarter Form 941-SS. The employer is a monthly
Employers of nonfarm workers. Rose Co. reported
schedule depositor for 2005 because the lookback period
Form 941-SS taxes as follows:
tax liabilities are based on the amounts originally reported,
and they were $50,000 or less. The $10,000 adjustment is
2004 Lookback Period
treated as part of the 2005 first quarter tax liability.
3rd Quarter 2002 . . . . . . . . . . . . . . . . . . . . . . . $12,000
4th Quarter 2002 . . . . . . . . . . . . . . . . . . . . . . .
12,000
Monthly Deposit Schedule
1st Quarter 2003 . . . . . . . . . . . . . . . . . . . . . . . .
12,000
If your total tax reported for the lookback period is $50,000
2nd Quarter 2003 . . . . . . . . . . . . . . . . . . . . . . .
12,000
or less, you are a monthly schedule depositor for the
current year. You must deposit taxes on wage payments
$48,000
made during a calendar month by the 15th day of the
2005 Lookback Period
following month.
3rd Quarter 2003 . . . . . . . . . . . . . . . . . . . . . . . $12,000
New employers. During the first calendar year of your
business, your taxes for the lookback period are consid-
4th Quarter 2003 . . . . . . . . . . . . . . . . . . . . . . .
12,000
ered to be zero. Therefore, you are a monthly schedule
1st Quarter 2004 . . . . . . . . . . . . . . . . . . . . . . . .
12,000
depositor for the first calendar year of your business (but
see the $100,000 Next-Day Deposit Rule on page 10).
2nd Quarter 2004 . . . . . . . . . . . . . . . . . . . . . . .
15,000
$51,000
Semiweekly Deposit Schedule
Rose Co. is a monthly schedule depositor for 2004 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 2002 through the 2nd
than $50,000, you are a semiweekly schedule depositor for
quarter of 2003) were not more than $50,000. However, for
the current year. If you are a semiweekly schedule deposi-
2005, 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 2003 through the 2nd
payments, as follows.
quarter of 2004) exceeded $50,000.
•
Deposit taxes on wage payments made on Wednes-
day, Thursday, and/or Friday by the following
Wednesday.
Page 9
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2017
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2012
Financial
Instructions For Form 944-ss - Employer's Annual Federal Tax Return American Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - Internal Revenue Service - 2007
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2006
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2009
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2010
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2010
Financial
Related Categories
Parent category: Financial