Biweekly 941 set up

That "Period" setting is also how the program determines what you paid For, for which Quarter. If you think you manually overrode anything, you will want to go back and double-check PERIOD, in liability checks.

Example: You thought Period was pay period, so you entered June 26-July 9 when you paid on July 15. That PERIOD overlaps a Quarter end, and that will confuse the program for purposes of the 2nd quarter and the 3rd quarter 941 forms.

So if you pay paychecks every week and are a Semi weekly depositor are you basically paying deposits every week? 

Reading on the thread above, I'd say yes, llong,

You'll have to deposit the taxes the following week and report them quarterly. Our Allstar's @qbteachmt reply provides you detailed information.

You can always swing by anytime if you have questions.

@ShiellaGraceA

Please learn from this input.

@llong

No, this is Not the case: "So if you pay paychecks every week and are a Semi weekly depositor are you basically paying deposits every week?"

Only When you pay, do you owe taxes. So, you only Pay Taxes based on when you issue Paychecks. If you issue paychecks Monthly, you only pay the taxes Monthly, under the "semi-weekly" cycle, because Semi-Weekly = By the Third Banking date, and the Fed have two different weekdays they use for their own Due Date cycle: Wed and Fri.

So, the "Wed or Fri" explains why the Feds named it Semi-Weekly.

Next, when you are assigned to that cycle, you figure out Which Fri or Which Wed applies to your tax deposit due day, based on your Paycheck Day.

Use this to figure it out:

If the Pay DAY is a Wednesday, Thursday, and/or Friday; your tax payment is Due By the following Wednesday.

If the Pay DAY is a Saturday, Sunday, Monday, and/or Tuesday; your tax payment is Due By the following Friday.

Under the Accelerated or Semi-Weekly Cycle, there are only the 2 Due Dates: a Wed or a Fri, depending on the Pay Day of the week you issued checks. Not How Many or How Often you pay or What is the pay period.

Taxes are owed because a Paycheck was issued = money happened. Look at that Calendar Week Day. That sets when the taxes are now due.

If you only pay your staff Quarterly, the Day of the Week is all that matters, for the Due Date of your tax payment.

@qbteachmt Thank you for the follow up detail. It really helped. I have a bi-weekly payroll cycle, now I understand why my 941 payments are set up as semi-weekly.

If you pay every Friday and deposit semiweekly is that every week?

@badgirls__123  Yes, if you have a paydate every Friday and have high enough 941 taxes that the IRS has assigned you a semiweekly deposit schedule, you will need to deposit your 941 taxes by the Wednesday following the Friday paydate.

See @qbteachmt 's explanation above for more detail.

Don't let the IRS' terminology trip you up. A semiweekly deposit schedule does not literally mean depositing every two weeks.

Hi there,

I agree with @FishingForAnswers.

In QuickBooks, if you fall under the category of semiweekly depositors, the deadline for your tax deposits is determined by the day of the week on which you pay your employees. If your payroll date falls on a Wednesday, Thursday, or Friday, your tax deposits are due on the following Wednesday.

Additionally, for more information, you can refer to @qbteachmt's answer.

Moreover, if you wish to review your historical payroll tax payments and forms, you can refer to the following article:: View your previously filed tax forms and payments

Feel free to return to this page if you have additional questions about payroll-related matters. We are always available to provide assistance.

@LouiseG  I am legitimately curious if there is someone on the QuickBooks staff whose job it is to go back to other staff posts and tidy them up. I was not explicitly tagged in your original post, and it seems like most staff posts get edited like that.