My work pays on the 1st and 15th of the month. TPretend today is July the first. The checks are dated for July the first.
The check covers hours from 6/16 - 6/30.
Now, the checks get posted to July, because they were dated July first. But, what about the taxes? Are they considered 2nd quarter because it covers the end of June or do the taxes get boosted into 3rd quarter because of the check date?
2007-06-01 10:10:51 · 4 answers · asked by csucdartgirl 7 in Business & Finance ➔ Other - Business & Finance
Your tax liability occurs when you are paid...not when you work or provided services. If you are paid on July 1st, then your tax liability is on July 1.
2007-06-01 10:14:35 · answer #1 · answered by pagamenews 7 · 1⤊ 0⤋
Hi I work in a CPA firm and I constantly do payroll. The tax due date/quarter is determined based on the check date and not the payroll period. So for your question that would be July 1st Check Date would be considered 3rd quarter.
2007-06-01 17:16:14 · answer #2 · answered by ? 2 · 0⤊ 1⤋
Taxes are June because that is actually when the employees worked, so it's 2nd qtr.
2007-06-01 17:15:14 · answer #3 · answered by vinster82 5 · 1⤊ 1⤋
You pay taxes? oops!
2007-06-01 17:14:30 · answer #4 · answered by mikeydonatelli 6 · 0⤊ 1⤋