Key Takeaways
- Lookback Period: 12 months ending June 30 of prior year.
- Monthly depositor: ≤$50,000 in lookback period.
- Semi-weekly depositor: >$50,000 in lookback period.
- $100,000 rule: next-day deposit required.
- Form 941: quarterly (Apr 30, Jul 31, Oct 31, Jan 31).
- De minimis: <$2,500 can pay with return.
Last updated: January 2026
Form 941 & Payroll Deposits
Why This Matters for the Exam
Deposit timing is heavily tested. Know the lookback period calculation and the $100,000 next-day rule.
Expect at least 3-4 questions on deposits.
Determining Deposit Schedule
| Lookback Liability | Schedule |
|---|---|
| ≤$50,000 | Monthly depositor |
| >$50,000 | Semi-weekly depositor |
Lookback Period
| Tax Year | Lookback Period |
|---|---|
| 2024 | July 1, 2022 – June 30, 2023 |
| 2025 | July 1, 2023 – June 30, 2024 |
| 2026 | July 1, 2024 – June 30, 2025 |
Deposit Due Dates
| Depositor | Payday | Deposit Due |
|---|---|---|
| Monthly | Any | 15th of following month |
| Semi-weekly | Wed-Fri | Following Wednesday |
| Semi-weekly | Sat-Tue | Following Friday |
The $100,000 Next-Day Rule
| Rule | Description |
|---|---|
| Trigger | $100,000+ liability on any single day |
| Due | Next business day |
| Effect | Becomes semi-weekly for rest of year + next year |
Form 941 Due Dates
| Quarter | Period | Due Date |
|---|---|---|
| Q1 | Jan–Mar | April 30 |
| Q2 | Apr–Jun | July 31 |
| Q3 | Jul–Sep | October 31 |
| Q4 | Oct–Dec | January 31 |
Form 944 (Annual)
| Requirement | Description |
|---|---|
| Eligible | Annual liability ≤$1,000 |
| Due | January 31 |
| IRS notice | Must receive permission |
De Minimis Rule
| Liability | Procedure |
|---|---|
| <$2,500 (quarter) | Pay with Form 941 |
| No deposit required | Until threshold met |
Lookback Calculation Example
| Quarter | Liability |
|---|---|
| Q3 2022 | $12,000 |
| Q4 2022 | $15,000 |
| Q1 2023 | $14,000 |
| Q2 2023 | $11,000 |
| Total | $52,000 |
| Result | Semi-weekly depositor for 2024 |
Real-World Scenario
Scenario: Friday bonus creates $110,000 liability.
- $100,000 rule: Triggered.
- Deposit due: Monday (next business day).
- Future: Semi-weekly for rest of year + all of next year.
On the Exam
Expect 3-4 questions on deposits, typically:
- Lookback Questions: "What is 2025 lookback period?"
- Schedule Questions: "$45,000 lookback—which schedule?"
- $100,000 Questions: "When is deposit due?"
The key is to remember: Lookback = July 1 – June 30. ≤$50,000 = monthly. >$50,000 = semi-weekly. $100,000 = next day.
Test Your Knowledge
$45,000 lookback liability ending June 30, 2023. 2024 deposit schedule?
A
B
C
D
Test Your Knowledge
Semi-weekly depositor: Friday $110,000 liability. Deposit due when?
A
B
C
D
Test Your Knowledge
What period is lookback for 2025 deposit schedule?
A
B
C
D