Publication 5258 - Federal Tax Deposits Page 16
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
25
26
27
28
29
30
31
32The ABCs of Federal Tax Deposits
let’s look at this example to determine how to compute the
futa tax deposit for the first quarter of the year.
Payroll for Quarter ending March 31
A
B
c
D
e
e
g
W
s
W
F
Futa t
mployee
ross
ages
uBJect
ages suBJect to
ederal tax
ax
W
s
t
(u
$7,000
(c
d
ages
to
tate
ax
p to
olumn
e
y
)
.006)
per
mployee per
ear
x
Joe
$6,000
$6,000
$6,000
$36
Jane
$8,000
$8,000
$7,000
$42
John
$5,000
$5,000
$5,000
$30
ToTAL
$19,000
$19,000
$18,000
$108
the $108 undeposited tax is $500 or less, and can be held
over to the next quarter.
When are deposits made?
Your deposit schedule depends on the amount of your tax liability at the end of a
quarter.
You are required to make quarterly deposits when undeposited taxes reach
›
more than $500. The deposit is due the last day of the month following the end
of the quarter.
In the example above, the $108 undeposited tax is $500 or less, and can be
›
held over to the next quarter. If the annual FUTA tax is $500 or less, it can be
paid with the Form 940 or deposited by the return due date.
16
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial