When do semiweekly depositors make their deposits? The rules for mak¬ ing deposits are a little more complicated. A semiweekly depositor may have to make up to two Form 941 deposits each week. When a tax deposit is due depends on when the employees are paid. To keep the rules consis¬ tent, the IRS has taken a calendar week and divided it into two payday time periods. It is easiest to think of a two-week period of time when discussing these time periods: Wednesday, Thursday, and Friday of week one, and Saturday and Sunday of week one and Monday and Tuesday of week two.

Two deposit rules apply to these two time periods. We can call these rules the Wednesday and Friday rules.

a. Wednesday rule: If employees are paid during the week one Wednesday-Friday period, the tax deposit will be due on Wednesday of week two.

b. Friday rule: If employees are paid anytime from Saturday or Sunday of week one or Monday or Tuesday of week two, the tax deposit will be due on Friday of week two.

These rules mean that the payroll tax deposit will be due three bank¬ ing days after the payday time period ends. For the Wednesday rule, the deposit is due three banking days after Friday of week one, on the fol¬ lowing Wednesday (in week two). For the Friday rule, the deposit is due three banking days after Tuesday of week two, on Friday of week two.

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