What is the main feature of a semiweekly deposit schedule for payroll taxes?

The semiweekly deposit schedule for payroll taxes is defined by the frequency of tax deposits. Under this schedule, employers are required to deposit payroll taxes twice a week, specifically on Wednesdays and Fridays for wages paid on the previous Friday through Thursday, and for wages paid on the previous Saturday through Sunday, respectively. This frequency is intended to ensure that the Internal Revenue Service (IRS) receives tax deposits in a timely manner, helping to manage cash flow and compliance with tax liabilities.

Understanding this schedule is crucial for businesses in maintaining accurate payroll records and ensuring they meet their obligations without incurring penalties for late deposits. Thus, the essence of a semiweekly deposit schedule directly aligns with the requirement to make two deposits per week.