How will Labor Day (Monday, September 6, 2010) affect my payroll tax payments and direct deposit?
To allow for the Labor Day holiday, you might need to send payroll a day earlier than usual. Doing so will help you to comply with the Fair Labor Standards Act and ensure timely payroll tax payments.
If your normal paycheck date is on 9/6/10, you should:
-
Change your paycheck date for your direct deposit employees to Friday, 9/23/10.
-
Send your payroll by 5 PM Pacific Time on Wednesday, 9/1/10
If your paycheck date is immediately before or after Labor Day, consult the table that follows to find out when to send your payroll and when your account will be debited.
| Friday, 9/3 |
Wednesday, 9/1
|
Thursday, 9/2 |
Friday, 9/3 |
| Monday, 9/6 |
(see message above) |
| Tuesday, 9/7 |
Thursday, 9/2
|
Friday, 9/3 |
Tuesday, 9/7 |
| Wednesday, 9/8 |
Friday, 9/3
|
Tuesday, 9/7 |
Wednesday, 9/8 |
*Accounts are typically debited before regular banking hours, so you should make sure you have funds in your account to cover the payroll on the day before the actual debit occurs.
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Written by Ruth Perryman, CMA, CFE, CFM, MBA, DPA (ABD)
Ruth is the president of The QB Specialists, an Intuit Solutions Provider that has helped thousands of businesses throughout the United States, Canada and even the Caribbean get the most out of QuickBooks since 1996. Ruth has over 20 years of industry experience, including 5 years as a Chief Financial Officer. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and Enterprise.
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