Changing Paying Payroll Taxes From Quarterly to Monthly in the Middle of a Year?

by Beverly
(Florida)

Our company has been busy, working more hours, paying our employees more. It looks like we might go over the $2,500 amount for quarterly taxes. We have been paying taxes quarterly.


1.What if you do go over $2,500 but you have committed to paying taxes quarterly? Is there a penalty for having more than a $2,500 payroll?

2.Can you start filing payroll taxes monthly then?

Comments for Changing Paying Payroll Taxes From Quarterly to Monthly in the Middle of a Year?

Average Rating starstarstarstarstar

Click here to add your own comments

Rating
starstarstarstarstar
Quarterly Filing to Monthly Filing
by: Best Business Payroll

Congratulations on your business growing!

The answer to your question of whether there is a penalty if you exceed $2,500 in the first quarter is NO. Of course, in each quarter after that you must pay monthly or incur a fine. So when you exceed $2,500, plan to file monthly after that.

Best wishes for continued growth and success.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Payroll FAQ.