Question on whether I have to deposit payroll taxes using EFTPS
My total payroll tax liability for both the current quarter and prior quarter are less than $2,500 and I didn’t incur a $100,000 next-day deposit obligation during the current quarter. This means I am eligible to file quarterly form 941. With this being the case, do I also have to make monthly deposits into EFTPS, OR do I just submit my total payroll tax liability payment with quarterly form 941?
Hey Jodi! If your total payroll taxes for the current quarter or the preceding quarter are less than $2500 then you do not have to make monthly deposits. Instead, you can mail your payment in along with Form 941 or you can use EFTPS to make your payment online.
Crystalynn Shelton, CPA