According to SCORE, the majority of small business owners spend more than 41 hours on tax preparation each year. And this is on top of the nearly 40 hours per month that you spend handling payroll and HR-related tasks.
To help make the most of that time, smooth out the process, and make sure you don’t miss any deadlines, we’ve put together this federal payroll tax calendar with everything you need to make sure you get tax filings and payments handled on time. Remember that these dates can vary year to year if they fall on a weekend day or holiday.
When are payroll taxes due?
Here’s an overview of the payroll-related due dates you should add to your calendar in 2025:
- Jan 31: Quarterly filings for Q4 2024, plus all your year-end filings
- May 12: Quarterly filings for Q1 2025
- July 31: Quarterly filings for Q2 2025
- October 31: Quarterly filings for Q3 2025
- The 15th of each month (or the first Monday following): Payroll tax payments for the previous month. Note that the due dates for the 15th of each month apply only to monthly depositors.
If it seems like January is the busiest month for payroll taxes, you’re right. It’s not a bad idea to block off some time on your calendar to get all those forms done (or make sure your accountant has everything they’ll need to do it for you).
January 15, 2025 payroll tax payments
What’s due: If you make monthly payroll tax payments, your deposit for December is due.
- These funds are required to be paid via electronic funds transfer to the IRS and include federal income tax withheld and both the employer and employee portion of Social Security and Medicare taxes.
- They are paid either monthly or semi-weekly and set at the beginning of the year. Employers can use the IRS lookback period to determine which payroll tax deposit schedule to use.
- Note that all new employers start out as monthly depositors.
January 31, 2025 payroll tax filings
Quarterly deadlines:
What’s due: You must file the Employer’s Quarterly Tax Return also known as Form 941, by January 31, 2025. Form 941 is used to report the total compensation paid to employees, the amounts withheld from their wages for FICA and federal income taxes, as well as the employer portions of Social Security and Medicare.
You must file Form 941 by the January 31 deadline if you withhold more than $1,000 annually in Social Security, Medicare, and federal income taxes from your employees’ wages. Please note:
- You’ll report withholding amounts from employee paychecks as well as detailing your payments for the previous three months — in this case, the fourth quarter that ended December 31, 2024.
- Remember that after you file your first Form 941, you must file a return for each quarter, even if you have no taxes to report, unless you filed a final return or meet one of the IRS exceptions.
- What you’ll need: Form 941
Form 941 vs. Form 944
There are a few exceptions when a small business should file different forms. For example, Form 943 should be filed annually for farm payroll. The most common exception is for the smallest of employers, who should file Form 944 instead of Form 941:
- Form 944 is designed for small businesses that have a payroll tax liability (including Social Security, Medicare, and federal income taxes) of less than $1,000 annually. Note: Simply because an employer’s annual tax liability is less than $1,000 does not mean they will file a 944. The employer must receive a written notification from the IRS, letting them know that they are a 944 filer.
- This is fairly rare and will not apply to most companies, but allows small businesses that have few (or no) full-time employees to file and pay their employment taxes annually.
- What you’ll need: Form 944
Annual deadlines
What’s due: Employer’s Annual Federal Unemployment Tax Return: Form 940
You’ll need to report the federal unemployment taxes (FUTA) you paid throughout the year. Though this return is only filed annually, employers are responsible for depositing taxes owed on a quarterly basis, with all deposits made using electronic funds transfer.
- If you have less than $500 in FUTA tax liability for the year, you can send in the form and your annual deposit on January 31.
- If your business is new and you haven’t filed your first 940 yet, the IRS will automatically enroll you when you apply for your EIN.
- Don’t forget, most employers are also required to pay state unemployment tax (SUTA).
- What you’ll need: Form 940
What’s due: Annual wage reporting for employees: W-2s and W-3s
All W-2 forms showing prior year wages and taxes for your employees must be submitted to the Social Security Administration (SSA) by January 31, 2025.
- Employee W-2s must also be postmarked by this date, as they need them to complete their own taxes.
- If you don’t file your W-2s electronically with the SSA, you’ll need to include a Transmittal of Wage and Tax Statements form.
- What you’ll need: Form W-3
What’s due: Reporting payments to non-employees: 1099-NEC
All 1099s are due to the IRS by January 31, along with your 1099-NEC reporting the payments you made to non-employees.
- Contractors must also receive their 1099s by this date to complete their taxes.
- What you’ll need: Form 1099-NEC
If you are filing paper 1099s with the IRS, you’ll need to submit your Annual Summary and Transmittal of US Information Return to summarize and accompany them.
What’s due: Annual wages reporting for farmworkers: Form 943
- If you pay wages to farmworkers that are subject to federal income or FICA taxes, you’ll need to report them on your Employer’s Annual Federal Tax Return for Agricultural Employees.
- This form would be filed in place of a 941 if you only have agricultural workers — or in addition to it if your business has both regular employees and farmworkers.
- What form you’ll need: Form 943
Pro tip for your payroll tax calendar
For employers that mail their returns, the IRS considers payroll filings on time as long as they have the appropriate postage, are postmarked, and are mailed by the filing due date.
Sandra Akins, Certified Payroll Professional (CPP)
Avoid mistakes and save time with payroll taxes
OnPay is a significant time saver. I can easily run payroll, pay payroll taxes, offer benefits to my employees, and set up payroll with direct deposit without any hassle or stress that I handled a step incorrectly. It’s a game-changer!
— Lindsay Jenkins, Humble Beast Fit
Please note: this material is educational only. It is not meant to constitute tax or legal advice. Always contact a qualified tax professional or another financial legal advisor in your area for complete tax or legal advice.
