PAYROLL 2021

1. Kohlmeier Industries had $87,950 of annual payroll taxes during the lookback period. The firm pays its employees biweekly on Wednesdays. Assuming that no payday has a tax liability in excess of $100,000, when are the payroll tax deposits due?

Multiple Choice

• By the end of the current month

• By Friday of the current week

• By Wednesday of the following week

• Within two weeks of the pay date

2. Hodgdon Industries, a semi-weekly schedule depositor, pays its employees semimonthly on the 1^st and 15^th of the month. Per company policy, employees are paid their annual bonuses on December 24, the final payday of the year for 2020. On Thursday, December 24, the bonuses were paid and the payroll tax liability was $103,850. When are the payroll tax deposits due for the December 24 pay date?

Multiple Choice

• Friday, December 25

• Friday, January 1

• Wednesday, December 30

• Monday, December 28