The Internal Revenue Service uses an electronic federal tax payment system, referred to as EFTPS, to receive and post federal tax payments. As an employer, you are required to withhold and pay FICA taxes. FICA tax includes the Social Security and Medicare taxes you deduct from your employees’ pay checks, as well as your employer matching contribution. Most employers are required to make FICA tax payments on the 15th of each month; however, depending on the size of your payroll and average deposit, you may be required to deposit more or less frequently. The IRS will notify you if your company is required to deposit on a different schedule.
Enroll in EFTPS. Navigate to the EFTPS.gov website and select the “Enrollment” tab at the top of the screen. Click the “New Taxpayer Enrollment” tab. You must enroll as a business to pay FICA tax.
Complete your business account information. You must provide the name of your business, Employer Identification Number, address and bank information for the account you want to make tax payments from.
Receive your PIN. Your PIN will arrive in the mail within five to seven business days. You’ll need this number to complete your enrollment. Follow the instructions included with your PIN to activate your enrollment. Call 800-555-3453 with account activation questions or if you do not receive your PIN.
Schedule federal tax deposits. Once your account is active, you can make tax deposit payments. Log in to the EFTPS website and select the “Make a Payment” tab at the top of the page. Log in to your account to schedule the payment.
With a background in taxation and financial consulting, Alia Nikolakopulos has over a decade of experience resolving tax and finance issues. She is an IRS Enrolled Agent and has been a writer for these topics since 2010. Nikolakopulos is pursuing Bachelor of Science in accounting at the Metropolitan State University of Denver.