If,on any day during the month,an employer who is a monthly schedule depositor accumulates a $100,000 tax liability,which of the following statements is true?

Question

Quizplus · Accepted Answer

If an employer accumulates a tax liability of $100,000 or more on any day during the month, they must deposit the tax by the next banking day and they will be considered a semiweekly depositor for the remainder of the current year and the following year. Therefore, option B is the correct answer. Option A is incorrect because the deposit must be made by the next banking day, not by the last day of the month. Option C is incorrect because the employer will remain a semiweekly depositor for the entire following year as well, not just for the remainder of the current year. Option D is incorrect because the deposit must be made by the next banking day, not on Wednesdays or Fridays.

If,on Any Day During the Month,an Employer Who Is a Monthly