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.
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