What is the deposit requirement for a semiweekly depositor with $17,500 in taxes collected on payday?

In the case of a semiweekly depositor who has $17,500 in taxes collected on payday, the deposit requirement hinges on the rules established by the IRS regarding deposit schedules based on the amount of tax liability. Under the semiweekly deposit schedule, employers must deposit taxes collected on specific days depending on whether the payday falls on a Wednesday through Friday or a Saturday through Tuesday.

When the tax amount exceeds $100, the employer has until the following due date for the deposit. For taxes collected on a payday that falls on a Saturday, Sunday, Monday, or Tuesday, the deposit is due on the following Friday. Since the mentioned amount of $17,500 qualifies for immediate deposit and given that taxes must be deposited in a timely manner, the requirement to deposit by Friday, May 22 aligns perfectly with the semiweekly schedule.

Essentially, since the funds must be deposited no later than the Friday after the collection, the obligation to deposit by May 22 is clear, fulfilling the semiweekly requirements for employers regarding timely deposit of collected taxes.