Semiweekly schedule depositor

In accounting, semiweekly schedule depositor means an employer whose lookback-period tax was over $50,000: taxes on Wednesday-to-Friday paydays are deposited by the next Wednesday, Saturday-to-Tuesday paydays by the next Friday. Reports its liabilityFoundationsLiabilityA present obligation of the entity to transfer an economic benefit (FASB CON 8 ¶E37) by payday on Schedule B (Form 941PayrollForm 941The quarterly return of wages paid, federal income tax withheld and both halves of Social Security and Medicare tax, reconciled to the quarter's deposits. Due April 30, July 31, October 31 and January 31 — ten days later if every deposit was on time).