NYS Department of Labor employer - what is the deposit frequency for unemployment tax liabilities?
I'm running a small business in NY and trying to figure out the deposit schedule for our unemployment tax payments to NYS Department of Labor. We've been quarterly but I'm hearing different things about when we need to switch to more frequent deposits. Does anyone know what triggers the change in deposit frequency? Our payroll has grown significantly this year and I don't want to get hit with penalties for missing the right schedule.
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Diego Fisher
The deposit frequency depends on your quarterly liability amount. If your quarterly NYS unemployment tax liability is $500 or more, you need to make monthly deposits by the 15th of the following month. If it's under $500 quarterly, you can stick with quarterly payments. Check your last few quarters to see where you stand.
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Evelyn Kim
•Thanks! So if we hit $500 in Q3, do we switch to monthly starting Q4 or wait until the next year?
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Henrietta Beasley
i think theres also a daily deposit requirement if you get really big but not sure what the threshold is. maybe someone else knows?
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Lincoln Ramiro
Yes, there's a daily deposit requirement if your quarterly liability exceeds $15,000. At that point you need to deposit within 3 banking days of the payroll date. Most small businesses never hit this level though. The monthly threshold at $500 quarterly is where most growing businesses need to pay attention.
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Faith Kingston
•Wow, I had no idea about the daily requirement. Good thing we're nowhere near that level yet!
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Emma Johnson
Make sure you're also keeping track of your state disability insurance contributions if you have employees. That follows a similar schedule but different rates. NYS Department of Labor has all the forms on their employer portal.
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Liam Brown
I've been dealing with NYS Department of Labor employer issues for months trying to get through to someone about changing our deposit schedule. The phone system is absolutely terrible - keeps disconnecting or putting me on hold for hours. Finally found this service called Claimyr at claimyr.com that actually got me through to a real person at NYS Department of Labor. They have a video demo at https://youtu.be/qyftW-mnTNI showing how it works. Saved me so much time and frustration.
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Evelyn Kim
•That's interesting - did they help with employer tax questions or just unemployment claims?
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Liam Brown
•They got me connected to the employer services department. The agent was able to explain our deposit schedule change and update our account right away.
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