IRS Publication 931: Deposit Requirements For Employment Taxes

AAA

DEFINITION of 'IRS Publication 931: Deposit Requirements For Employment Taxes'

A document published by the Internal Revenue Service (IRS) that helps employers determine when they are to deposit Social Security, Medicare and income taxes for their employees. Employers must use one of the two authorized employment tax deposit schedules: semi-weekly or monthly. The deposit schedule used is based on the amount of tax liability reported during a lookback period, which is the calendar year preceding the previous year (e.g. the lookback period for 2011 begins in 2009).

INVESTOPEDIA EXPLAINS 'IRS Publication 931: Deposit Requirements For Employment Taxes'

Employers use the monthly deposit schedule if the total tax liability in the lookback year was $50,000 or less, and use the semi-monthly schedule if the total tax liability was over $50,000. For a new employer, the income for the lookback year is considered $0. Employers use Forms 941, 943, 944 or 945 when depositing funds.


The deposit instructions in IRS Publication 931 do not cover federal unemployment tax.

RELATED TERMS
  1. Federal Unemployment Tax Act - ...

    The original legislation that allows the federal government to ...
  2. Medicare

    A U.S. federal health program that subsidizes people who meet ...
  3. Social Security

    A United States federal program of social insurance and benefits ...
  4. Value-Added Tax - VAT

    A type of consumption tax that is placed on a product whenever ...
  5. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  6. Payroll Tax

    Tax an employer withholds and/or pays on behalf of their employees ...
Related Articles
  1. Retirement

    Payroll Deductions Pay Off

    Find out how you can bypass or defer taxes on thousands of dollars each year.
  2. Taxes

    Small Business Tax Obligations: Payroll Taxes

    Don't leave it up to your accountant - owners are ultimately responsible for fulfilling tax obligations.
  3. Taxes

    Avoid The Social Security Tax Trap

    Government benefits can cost you big money! Know the income thresholds before you file.
  4. Taxes

    10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  5. Economics

    How is the invisible hand affected in a communist or socialist economy?

    Discover why the invisible hand of the market is compromised by socialist and communist economies, where the government controls the means of production.
  6. Economics

    What is the affect of the invisible hand on the government?

    Find out why government policy goals are often frustrated by the same forces that guide the invisible hand of the market towards efficient outcomes.
  7. Economics

    How does the invisible hand affect a capitalist economy?

    Take a deeper look at how the invisible hand of the market works and why it is so crucial for understanding how capitalist economies function.
  8. Taxes

    What are the tax incentives or disincentives to vertical integration?

    Merging companies through vertical integration can provide companies in the United States with a marginally advantageous position in terms of taxation.
  9. Economics

    What impact does quantitative easing have on consumers in the U.S.?

    Dig deeper into the Federal Reserve's quantitative easing policies and what potential impacts they may have on American consumers.
  10. Investing Basics

    Are arm's length transactions always better than transactions not at arm's length?

    Transactions not at arm's length have real tax and other consequences for individuals and businesses, but they are not necessarily always worse.

You May Also Like

Hot Definitions
  1. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  2. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  3. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  4. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  5. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  6. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
Trading Center