The payroll period for a semiweekly schedule depositor ends on and is paid on Friday,July 11,2014.The employer must deposit the federal taxes withheld for this pay period on or before:

Question

Quizplus · Accepted Answer

According to the semiweekly deposit schedule, taxes withheld on paydays from Saturday through Tuesday must be deposited by the following Friday, and taxes withheld on paydays from Wednesday through Friday must be deposited by the following Wednesday. Since the payroll period ends on Friday, July 11, the taxes withheld on that day and the preceding Wednesday and Thursday must be deposited by the following Wednesday, which is July 16. Therefore, the correct answer is B).

The Payroll Period for a Semiweekly Schedule Depositor Ends on and Is