FICA/FWT DEPOSIT REQUIREMENTS

For depositing FICA and FWT you will be either a MONTHLY or a SEMI-WEEKLY depositor.  The IRS notifies each taxpayer annually of the tax deposit frequency required if different from the prior year.  These notifications are mailed beginning in November.  Special rules apply for daily liabilities over $100,000.  See below for details.

LOOKBACK PERIOD FOR CALENDAR YEAR 2012

Calendar Year 2012
Jan-Mar Apr-June                       Jul-Sep Oct-Dec
Lookback Period
2010 2011
Jul-Sep Oct-Dec Jan-Mar Apr-June

MONTHLY RULE

An employer is a monthly depositor for a calendar year if the total FICA & FWT for the four quarters in the lookback period was $50,000 or less.

SEMI-WEEKLY RULE

An employer is a semi-weekly depositor for a calendar year if the total FICA & FWT for the four quarters in the lookback period was more than $50,000.

Deposit Period

Due Date of Deposit

FICA & FWT on wages paid Wednesday,

Thursday and/or Friday:

on or before following Wednesday.

FICA & FWT on wages paid Saturday,

Sunday, Monday and/or Tuesday:

on or before the following Friday.

$100,000 ONE-DAY RULE

If the total accumulated tax reaches $100,000 or more on any day during a deposit period, it must be deposited by the next banking day.  If a monthly depositor meets this rule, it becomes a semi-weekly depositor for the remaining and next year.

FUTA TAX LIABILITY

FUTA is reported annually on Employer’s Annual Federal Unemployment tax return Form 940 and due the last day of January

FUTA Tax Liability

Due Date of Deposit
  1. Cumulative tax liability of $500 or less per quarter:
  1. No deposit required.
  1. Cumulative tax liability in excess of $500 at end of quarter:
  1. Last day of month following end of quarter.
  1. Cumulative tax liability:
  1. Last day of month following end of year.