Asked by Enrique Cuevas on Jun 27, 2024
Verified
The payroll period for a semiweekly schedule depositor ends on and is paid on Friday,July 10th.The employer must deposit the federal taxes withheld for this pay period on or before:
A) The following Monday.
B) The following Wednesday.
C) The following Friday.
D) The last day of the month.
Semiweekly Schedule Depositor
A designation for businesses that must deposit employee withholding taxes and employer taxes on a semiweekly basis.
Federal Taxes
Taxes levied by the national government of the United States on income, property, and goods and services.
Pay Period
The regular schedule by which employers pay wages to employees, such as weekly, biweekly, or monthly.
- Acquire knowledge of the protocols for tax deposit schedules and how they affect employers.
Verified Answer
ZK
Zybrea KnightJul 04, 2024
Final Answer :
B
Explanation :
According to the semiweekly deposit schedule, if payday is on a Wednesday, Thursday, or Friday, the deposit due date is the following Wednesday. Therefore, the employer must deposit the federal taxes withheld for this pay period on or before Wednesday, July 15th.
Learning Objectives
- Acquire knowledge of the protocols for tax deposit schedules and how they affect employers.
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