Asked by Allie Spolsdoff on Jul 04, 2024
Verified
The payroll period for a semiweekly schedule depositor ends and is paid on a Friday.The employer must deposit the federal taxes withheld for this pay period on or before:
A) The last day of the month.
B) The following Friday.
C) The following Wednesday.
D) The following Monday.
Semiweekly Schedule Depositor
A tax deposit schedule required for employers who accumulate a certain amount of tax liability within a specific timeframe, mandating deposits to be made semi-weekly.
- Understand the prerequisites for tax document filing and the repercussions of not adhering to them on time or correctly.
Verified Answer
IT
Ishuv ThapaJul 06, 2024
Final Answer :
C
Explanation :
For a semiweekly schedule depositor, federal taxes withheld for pay periods ending on Saturday, Sunday, Monday or Tuesday must be deposited by the following Friday. For pay periods ending on Wednesday, Thursday or Friday, the deposit must be made by the following Wednesday. Therefore, in this case, the federal taxes withheld for the pay period ending on Friday should be deposited by the following Wednesday.
Learning Objectives
- Understand the prerequisites for tax document filing and the repercussions of not adhering to them on time or correctly.
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