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twocookes
Level 1

2020 tax deposit is bi-weekly. Quickbooks is telling me deposit needs to be paid on January 8, 2020 -which is only one pay day. What is the deal???

2020 Federal tax deposits are to be biweekly. QB is telling me the deposit is due on January 8,2020-only one week P/R. Pleae advise?
2 Comments 2
IntuitLily
Moderator

2020 tax deposit is bi-weekly. Quickbooks is telling me deposit needs to be paid on January 8, 2020 -which is only one pay day. What is the deal???

Let me be the first to welcome you in the Community, @twocookes.

 

There is a reference period used by the IRS to determine your tax due dates. For 2020, the lookback period is July 1, 2018 - June 30, 2019. You'll need to review your paychecks within that period to check if you've already accrued $100,000, or more, in federal tax liability. This may be the reason why QuickBooks prompts you with the Next-day deposit rule.

 

Please refer to this article for more details: Payroll 101.

 

Please let me know if you have additional concerns. I’m here to provide answers. Take care!

BigRedConsulting
Community Champion

2020 tax deposit is bi-weekly. Quickbooks is telling me deposit needs to be paid on January 8, 2020 -which is only one pay day. What is the deal???

It's a little confusing. The semi-weekly deposit schedule is actually twice per week, not once every two weeks.  Basically, it means you have to deposit the taxes within a few days of payroll.  If you had a payroll every day for some reason, you'd deposit 2x per week, but most people don't and so the schedule amounts to paying within a few days after each payroll.

 

See

https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates

 

From that linked page:

Semi-weekly Depositor

Under the semiweekly deposit schedule, deposit employment taxes for payments made on Wednesday, Thursday, and/or Friday by the following Wednesday. Deposit taxes for payments made on Saturday, Sunday, Monday, and/or Tuesday by the following Friday. Report your deposits quarterly or annually only by filing Form 941 or Form 944.

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