EFTPS Payment Period Range

kelper62 · ‎December 19, 2023

I am noticing that on my tax liability payments to the IRS that the Period Range is showing only 3 days. I pay the tax liabilities weekly. I made a tax payment for the working week of 12-04-2023 to 12-10-2023.

The payment to EFTPS in QB shows a period of 12-13-2023 to 12-15-2023. Does anyone know if this is correct? Should the EFTPS periods match the timesheet periods?

Thank you in advance for any knowledge you can pass on.

BigRedConsulting · ‎December 19, 2023

@kelper62 RE: I am noticing that on my tax liability payments to the IRS that the Period Range is showing only 3 days. I pay the tax liabilities weekly.

This is based on your payment schedules and is correct. There actually isn't a weekly payment schedule, though there is a semi-weekly schedule (2x per week), which it appears is your schedule.

If you are semi-weekly and you do payroll once a week, it can seem that you pay weekly, but you really don't.

For example, if you have a weekly payroll on Friday and then you pay an employee a special paycheck the next Tuesday, you'd have to pay the federal taxes again within 3 or 4 days - before the next regular payroll's taxes.

Similarly, if you have a payroll every other week, then you only pay every other week when you're on the semi-weekly schedule, so it could seem like your schedule is 2x per month.

See https://www.irs.gov/businesses/small-businesses-self-employed/depositing-and-reporting-employment-ta... and https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates for more details.

View solution in original post

ShyMae · ‎December 19, 2023

Hello, @kelper62. I'm here to provide information and help you with the EFTPS payment period range.

The liability check was based on payment frequency set up while timesheets varied on work period. Once you see an inaccurate period displayed, it may be due to an incorrect setup of scheduled tax payments.

To fix this, we can review the list of scheduled tax payments to make sure everything is correct. Here are the steps:

Hover to the Employees menu, then select the Employee Center.
On the left side tap Payroll, then click the Pay Liabilities tab.
From the bottom, locate the Other Activities section, and click Manage Payment Methods.
Tick the Schedule payments, then review the description of each payment.
Click the Edit button to modify the date to the correct period.

Additionally, to manage your payroll more efficiently, you can set defaults for employees, paychecks, and pay stubs.

I'm always here to ensure that you'll get the help needed regarding the payment period range. Just tap the reply button to submit your response. Best wishes!

BigRedConsulting · ‎December 19, 2023

@ShyMae RE: The period range depends on the date range you select when paying your liabilities.

No, it doesn't. It depends on your payment schedule frequency. Have you used QuickBooks?

BigRedConsulting · ‎December 19, 2023

@kelper62 RE: I am noticing that on my tax liability payments to the IRS that the Period Range is showing only 3 days. I pay the tax liabilities weekly.

This is based on your payment schedules and is correct. There actually isn't a weekly payment schedule, though there is a semi-weekly schedule (2x per week), which it appears is your schedule.

If you are semi-weekly and you do payroll once a week, it can seem that you pay weekly, but you really don't.

For example, if you have a weekly payroll on Friday and then you pay an employee a special paycheck the next Tuesday, you'd have to pay the federal taxes again within 3 or 4 days - before the next regular payroll's taxes.

Similarly, if you have a payroll every other week, then you only pay every other week when you're on the semi-weekly schedule, so it could seem like your schedule is 2x per month.

See https://www.irs.gov/businesses/small-businesses-self-employed/depositing-and-reporting-employment-ta... and https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates for more details.

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