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Burtin Book Memorabilia is a semiweekly depositor. Following the success of a special project, Kelly Burton,...

Burtin Book Memorabilia is a semiweekly depositor. Following the success of a special project, Kelly Burton, the owner, pays each of the 250 employees a $20,000 bonus on August 16, 2017. Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes? Please explain.

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Under the federal tax law, there are two ways of depositing payroll taxes - semi weekly and monthly. If assuming Burton deposits the payroll taxes monthly, tax will be required to be deposited by the 15th of the following month, that is, by September 15, 2017 in this case. Or else, under the semi-weekly schedule, payments made on Wednesday, Thursday, and/or Friday will require deposit of taxes by the following Wednesday. And for payments made on Saturday, Sunday, Monday, and/or Tuesday the due date will be the following Friday. Since August 16, 2017 was a Wednesday, the tax should have been deposited by the following Wednesday, that is, by August 23, 2017.

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