Payroll Frequency vs. Tax Deposit Frequency

Payroll is a whole world of terminology and unfortunately we tend to mix and reuse terms often just to make it interesting.  Case in point is a company's payroll frequency (how often they pay their employees) and that same company's 941 tax deposit schedule or frequency requirements (how often or by when an employer would be required to pay their 941 taxes accrued).

Helping matters; each state may have a tax deposit frequency of their own for state income tax withholding.  Finally, an employer may also be required to submit state unemployment premiums or taxes quarterly along with their Federal Unemployment taxes which could be due quarterly or annually depending on the situation.  

Thus an employer could easily find themselves paying their employee's semi-monthly, paying their 941 Federal taxes semi-weekly, paying their State withholding taxes monthly and paying their Federal & State Unemployment taxes quarterly!!

Examples of Payroll Frequencies would be: weekly, bi-weekly, semi-monthly, or monthly
Examples of 941 Deposit Schedules or Frequencies would be: semi-weekly, monthly, next-day or quarterly
Examples of Colorado Withholding Payment Frequencies would be: weekly, monthly or quarterly

Give us a call or drop an email; we are here to help.

Did that address your question? If not, Contact Us Contact Us