Filed with:
These taxes must be deposited in a bank as specified by, or paid directly to, the Internal Revenue Service and the Minnesota Department of Employment and Economic Development. Note: Electronic filing of these taxes may be required.
How often:
The accounting entries are made each time wages are paid.
11. Deposit withheld federal income tax and employer’s and employees’ share of FICA tax and deposit federal unemployment (FUTA) tax. Form: With few exceptions, electronic fund transfers are made using Electronic Federal Tax Payment System (EFTPS) for all federal tax deposits. Filed with: Deposits are made to the U.S. Department of Treasury using EFTPS. Information is available at About EFTPS or by calling the U.S. Treasury Department customer service at 800-555-4477. How often: For federal income tax and FICA tax, the accumulated liability usually must be deposited monthly or semiweekly (or by the next day if the liability is $100,000 or more). The “liability” is the sum of the withheld federal income tax, the employees’ and the employer’s share of Social Security and Medicare.
Generally, employers with a liability of $50,000 or less accrued during a designated four-quarter period will deposit monthly, and employers whose liability is more than $50,000 are required to deposit semi-weekly. The employer will follow the appropriate deposit schedule for the entire calendar year. The specific rules may be found in IRS Publication 15, Circular E, Employer’s Tax Guide which may be obtained from the Internal Revenue Service. FUTA tax deposits are made quarterly (by the end of the month following the end of the quarter), unless the amount of FUTA tax owed but not deposited is $500 or less. If the tax is $500 or less at the end of the quarter, no deposit is required. The tax is added to the tax for the next quarter. The employer can make Minnesota tax deposits in one of two ways: 1. Online with Minnesota Department of Revenue e-Services Payment Voucher System. 2. By mail with a payment voucher. Some employers are required to pay electronically.
12. Deposit withheld Minnesota income tax. Form:
Filed with:
Minnesota Department of Revenue.
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