QuickBooksHelpIntuit
Pay your federal tax liability when it's over $100,000
by Intuit• Updated 7 months ago
Learn what to do when a federal tax liability exceeds $100,000.
When any single payroll (or a combination of payrolls within an assigned deposit period) has a federal tax liability amount of $100,000 or more, the $100,000 Next-Day Deposit Rule applies. This means the tax must be paid by the next banking day. It's important to make this payment on time. The IRS penalty for a late next-day tax deposit is automatically 10% of your 941 taxes due.
Note: Per IRS, your tax payments will be due on a semi-weekly schedule for the remainder of the year and the following year. |
Select your payroll service below to find out when to send your payroll, or how to make the tax payment.
Note: Not sure which payroll service you have? Here's how to find your payroll service. |
Sign in now for personalized help
See articles customized for your product and join our large community of QuickBooks users.
More like this
- Quarterly historical tax amount totalsby QuickBooks•477•Updated June 24, 2024
- Set up QuickBooks Online Payroll to pay and file your payroll taxes and formsby QuickBooks•1188•Updated July 08, 2024
- Understand the taxes and forms that QuickBooks payroll submits for youby QuickBooks•628•Updated November 03, 2023
- Enter paycheck totals for your W-2 employeesby QuickBooks•3070•Updated 1 year ago