August 10 – Social Security, Medicare, and Withheld Income Tax

August 10 is an important tax due date for certain employers in the United States.

On this date, employers are required to deposit the Social Security, Medicare, and withheld income taxes for wages paid to their employees during the previous month.

This tax deposit is made using the Electronic Federal Tax Payment System (EFTPS) or through other approved methods.

It’s important to note that this due date specifically applies to employers who have a semi-weekly deposit schedule. The deposit schedule for federal employment taxes is determined by the total tax liability reported on Form 941, Employer’s Quarterly Federal Tax Return, during a designated lookback period. Employers are categorized as either monthly schedule depositors or semi-weekly schedule depositors based on this lookback period.

If an employer’s total tax liability reaches a certain threshold during the lookback period, they are considered a semi-weekly schedule depositor and must deposit their payroll taxes more frequently.

  • Social Security Tax: 6.2% withheld and 6.2% paid out-of-pocket up to the $147,000 taxable wage base.
  • Medicare Tax: 1.45% withholding and 1.45% paid out-of-pocket.
  • Additional Medicare Tax: Additional 0.09% withheld from taxable employee income over $200,000 earned.

August 10 is the due date for depositing payroll taxes for semi-weekly schedule depositors for the wages paid in the previous month.

However, if August 10 falls on a weekend or a federal holiday, the deposit must be made by the following business day.

It’s important for employers to carefully follow the deposit schedule determined by the IRS to avoid penalties and ensure compliance with their tax obligations. If you are an employer, consult with a tax professional or refer to the IRS guidelines for detailed information on your specific deposit requirements.

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