Federal deposit schedules (high‑level) • Monthly depositors : Generally, if total federal employment tax liability in the lookback period is $50,000 or less , deposits are due by the 15th of the following month. • Semiweekly depositors: If the lookback liability is more than $50,000 , deposits are typically due on Wednesday and/or Friday based on paydays. • One‑day rule (federal) : If $100,000 or more in taxes accumulate on any day, the deposit is due by the next banking day . Employers should consult IRS Publication 15 (Circular E), Employer's Tax Guide and Minnesota’s Withholding Tax Instructions and Tables for detailed rules and exceptions. Electronic deposit requirements – Minnesota You must make Minnesota withholding deposits electronically if: • You withheld $10,000 or more in Minnesota income tax during the last 12‑month period ending June 30, • You use a payroll service company , or • You are required to electronically pay any other Minnesota business tax . Once you are required to pay business taxes electronically for one year, you must continue to pay all Minnesota business taxes electronically . EFTPS (Federal) All required federal tax deposits must be made electronically using EFTPS. Filing requirements • Federal: Employers (other than some annual/agricultural filers) file Form 941, Employer’s Quarterly Federal Tax Return, each quarter. • Minnesota: Employers (other than approved annual filers) must file a Minnesota Quarterly Withholding Tax Return for each quarter, electronically through e‑Services . W‑2 filing • Federal Form W‑3 and copies of W‑2s must be filed with the Social Security Administration by January 31 or within 30 days after going out of business. • Minnesota copies of W‑2s and 1099s with Minnesota withholding must be filed with the Department of Revenue by January 31 or within 30 days after going out of business. Annual filers (Minnesota) Approved annual filers do not file quarterly returns. Their annual Minnesota withholding return is due by January 31 of the following year and must be filed electronically via e‑Services.
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