941 SemiWeekly deposit schedule

JoKe · ‎January 04, 2019

We have been a monthly 941 depositor for moons! Now we are to switch to a semiweekly depositor. We pay weekly on a Monday. I understand that we owe the deposit by the Friday of that pay week....but only after two weeks? Correct? I certainly do not deposit each week do I? For example, Jan 7th paychecks and Jan 14th paychecks would be deposited before Friday Jan 18th? Then Jan 21st and Jan 28th paychecks would be deposited before Friday Feb 1st?

And I might be overthinking it, but what happens (hope I can explain it well enough) when the end of a month has a paycheck day but it's only the first week of a semiweekly deposit? For example, April 1st and 8th paychecks would be deposited before Friday April 12th. Then April 15th and 22nd would be deposited before Friday April 26th. Would then April 29th and May 6th paychecks to be deposited before Friday May 10th?

And then what about when the end of the month is also the end of the quarter and the last week of that month/qtr is only the first week of a semiweekly deposit? Again an example, would be June 10th and 17th paychecks would be deposited before Friday June 21st. We then have a paycheck again on Monday June 24th....would I wait to pay until after July 1st paycheck? Or do I pay a one week deposit due by Friday June 28th simply because it's within the quarter timeframe?

Boy I do hope that makes sense. I appreciate any help I can get since I still can't get thru to the contact phone number provided in our Form 941 Deposit letter.

HoneyLynn_G · ‎January 04, 2019

Good day, @JoKe.

Thank you for visiting us here in the Community and providing details about your concern. I can share some information about the 941 Semiweekly deposit schedule.

Under the semiweekly deposit schedule, you will have to deposit taxes for paychecks made on Saturday, Sunday, Monday, and/or Tuesday by the following Friday. On the other hand, for the paycheck made on Wednesday, Thursday, and/or Friday by the following Wednesday.

Please check the following examples:

For January 7th paycheck, you will have to deposit by January 11th.
For January 14th paycheck, you will have to deposit by January 18th.
For April 1st paycheck, you will have to deposit by April 5th.
For April 8th paycheck, you will have to deposit by April 11th.
For June 10th paycheck, you will have to deposit by June 14th.
For June 17th paycheck, you will have to deposit by June 21st.
For June 24th paycheck, you will have to deposit by June 28th... and so on.

To avoid late payments, I have here a table which will help you better understand the due dates for 2018 Semiweekly depositors. Please refer to the following links:

That should be information to clear your confusion about semiweekly deposit schedule, JoKe.

Keep me posted if you have additional questions about payroll. I'll be around to help you. Wishing you and your business continued success!

View solution in original post

HoneyLynn_G · ‎January 04, 2019

Good day, @JoKe.

Thank you for visiting us here in the Community and providing details about your concern. I can share some information about the 941 Semiweekly deposit schedule.

Under the semiweekly deposit schedule, you will have to deposit taxes for paychecks made on Saturday, Sunday, Monday, and/or Tuesday by the following Friday. On the other hand, for the paycheck made on Wednesday, Thursday, and/or Friday by the following Wednesday.

Please check the following examples:

For January 7th paycheck, you will have to deposit by January 11th.
For January 14th paycheck, you will have to deposit by January 18th.
For April 1st paycheck, you will have to deposit by April 5th.
For April 8th paycheck, you will have to deposit by April 11th.
For June 10th paycheck, you will have to deposit by June 14th.
For June 17th paycheck, you will have to deposit by June 21st.
For June 24th paycheck, you will have to deposit by June 28th... and so on.

To avoid late payments, I have here a table which will help you better understand the due dates for 2018 Semiweekly depositors. Please refer to the following links:

That should be information to clear your confusion about semiweekly deposit schedule, JoKe.

Keep me posted if you have additional questions about payroll. I'll be around to help you. Wishing you and your business continued success!

JoKe · ‎January 04, 2019

Thank you so much HoneyLynn. I really thought it was twice a month. I see now that your info is confirmed when I finally figured out how to change my 941 payment options in quickbooks (that it is calling for a payment/deposit right away) just now. Again, appreciate the info.

qbteachmt · ‎January 05, 2019

It's 3 Banking Dates.

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941 SemiWeekly deposit schedule