A firm's frequency of payroll tax deposits is the same for every company. Group starts
**False.** ### Explanation: The frequency of payroll tax deposits is not the same for every company. The IRS determines the deposit schedule based on the total tax liability reported during a "lookback period." The lookback period and the amount of payroll taxes a company owes influence whether the company must deposit taxes on a monthly or semi-weekly basis. ### Key Points: - **Lookback Period**: The IRS uses a lookback period to determine a company's deposit schedule. For most employers, the lookback period is the 12-month period ending on June 30 of the previous year. - **Monthly Depositor**: If the total tax liability for the lookback period is $50,000 or less, the employer is a monthly depositor. Monthly depositors must deposit payroll taxes by the 15th of the following month. - **Semi-weekly Depositor**: If the total tax liability for the lookback period is more than $50,000, the employer is a semi-weekly depositor. Semi-weekly depositors must deposit payroll taxes on Wednesdays or Fridays, depending on when the payroll is paid. - **Next-Day Depositor**: If an employer accumulates $100,000 or more in tax liability on any day during a deposit period, they must deposit the tax by the next business day. Therefore, the statement "A firm's frequency of payroll tax deposits is the same for every company" is **False**.
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