How to Pay Payroll Taxes by EFT
To deposit payroll taxes by EFT you must use the Electronic Federal Tax Payment System, or EFTPS. You may voluntarily deposit via EFTPS but are required to do so if your total deposits for the second preceding calendar year (which means 2007 for the tax year 2009) were more than $200,000 or if you were required to use EFTPS last year or in any prior year. When paying via EFTPS you must initiate your deposit by 8 p.m. Eastern Time at least one business day prior to your deposit due date.
Other People Are Reading
Things You'll Need
- Employer Identification Number
- Bank routing transit number
- Bank account number
- Bank account type
Instructions
-
-
1
Enroll in EFTPS. Click on the "EFTPS Website" link in the Resources section below. Click the enrollment button and follow through the online screens to enter your enrollment information.
-
2
Review the enrollment data summary to ensure you entered everything correctly. Use the "previous" button to return to any screen to make a correction. Click "Next" on the summary screen to finalize your enrollment. It may take up to 15 business days to complete your enrollment process. You can log in and begin making EFTPS payments once you receive your PIN in the mail.
-
-
3
Log in to the EFTPS website to make a payment. On the EFTPS homepage selecting either "Login" or "Make a Payment" will take you to the login screen. You need your EIN, PIN and Internet password to log in.
-
4
Enter your tax deposit data. Your tax deposit data includes the amount of your payment and the type of payroll tax you are paying (such as Form 941 for federal income tax and FICA payments or form 940 for FUTA payments).
-
5
Select "Make a Payment". You will see an online confirmation of your payment submission with an Electronic Funds Transfer (EFT) Trace Number. You should print this screen or save it as a PDF for your records. If you ever need to trace a payment you will need the EFT trace number.
-
1
Tips & Warnings
There is no fee to use the EFTPS system.
The EFTPS website is available 24 hours a day, seven days a week.
The IRS may charge you a 10 percent failure-to-deposit penalty if you fail to make your deposit via EFTPS and you are required to do so.
