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News Flash – Independence Day Observance (Monday, July 5, 2010) Effect on Payroll Tax Payments and Direct Deposit
Published 06/21/2010 | 
-Effect-on-Payroll-Tax-Payments-and-Direct-Deposit.aspx)
How will Independence Day (Saturday, July 5, 2010) affect my payroll tax payments and direct deposit?
The Federal Reserve Bank?s observance of the Independence Day holiday (Monday, July 5, 2010) may affect your payroll processing cutoff times, including direct deposit.
If your normal paycheck date is on 7/5/10, to ensure timely payroll tax payments and comply with the Fair Labor Standards Act, you should:
Change your paycheck date to Friday, 7/2/10
Send your payroll by 5 PM Pacific Time on Wednesday, 6/30/10
For other check dates, you might need to send your payroll a day earlier than usual, as described below:
| If you date your paychecks for… | Send payroll by 5:00 PM Pacific Time on… | Your account will be debited on*… | Employees get paid on (Direct Deposit only)… |
|---|---|---|---|
| Friday, 7/2 | Wednesday, 6/30 | Thursday, 7/1 | Friday, 7/2 |
| Monday, 7/5 | (see message above) | ||
| Tuesday, 7/6 | Thursday, 7/1 | Friday, 7/2 | Tuesday, 7/6 |
| Wednesday, 7/7 | Friday, 7/2 | Tuesday, 7/6 | Wednesday, 7/7 |
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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