N.J. Admin. Code § 18:35-7.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:35-7.3 - Quarterly filing of withholding returns; weekly payments; exceptions

(a) All employers who are required to deduct and withhold any amount of gross income tax are required to file a quarterly return with the Division of Taxation and pay the tax due therewith on or before the 30th day of the month following the quarter covered by the return. In calculating the amount of tax to be remitted to the Division for the quarterly period, the employer shall be entitled to a credit in the amount of tax remitted during the quarter covered by the quarterly return.

1. If no tax was withheld during a calendar quarter, a return is still required to be filed for such quarter.

(b) Except as provided in (c) below, for any calendar month in which the amount of gross income tax that an employer is required to deduct and withhold is $ 500.00 or more, such employer is required to remit such taxes to the Division of Taxation on or before the 15th day of the month following the close of such month. Any payment due with respect to the calendar months ending on March 31, June 30, September 30, or December 31 shall be paid with the quarterly return filed for the quarter in which such month falls.

1. A monthly payment need not be made for any month in which the amount of tax deducted and withheld is less than $ 500.00. Such amount shall be paid with the quarterly return filed for the quarter in which such month falls.

2. Example: Company A withholds $ 200.00 in January, $ 350.00 in February and $ 600.00 in March. Company A need not make monthly payments and will remit the total tax withheld no later than April 30th, when the first quarter return is filed.

3. Example: Company B withholds $ 200.00 in April, $ 600.00 in May and $ 350.00 in June. Company B need not make the monthly payment for April, must remit the $ 600.00 withheld in May no later than June 15th and will remit the $ 200.00 withheld in April and the $ 350.00 withheld in June no later than July 31st, when the second quarter return is filed.

(c) If the aggregate amount of gross income tax required to be deducted and withheld by any employer in the prior tax year is $ 10,000 or more, the employer shall be a weekly payor and shall remit payment of withheld taxes using electronic funds transfer (EFT) in accordance with the provisions of 54:48-4.1 and 18:2-3.5, on or before the Wednesday of the week following the week containing the payday on which the taxes were withheld.

1. For the purposes of this subsection, a week shall run from Sunday through Saturday.

2. Example: Company A, which had withholdings of $ 35,000 during the year, pays its employees on Tuesday of Week 1. Company A must remit the tax withheld from its Week 1 payroll by electronic funds transfer on or before Wednesday of Week 2.

(d) If the aggregate amount of gross income tax required to be deducted and withheld by any employer in the prior tax year is $ 10,000 or more, the employer shall be a weekly payor and shall remit payment of withheld taxes using electronic funds transfer (EFT) in accordance with the provisions of 54:48-4.1 and N.J.A.C. 18:2-3.5, on or before the Wednesday of the week following the week containing the payday on which the taxes were withheld.

(e) An employer who is required to make all tax payments using electronic funds transfer (EFT) in accordance with the provisions of 54:48-4.1 and 18:2-3.5 because of a prior tax year liability of $ 10,000 or more for a tax other than the gross income tax, shall remit gross income taxes deducted and withheld on either a quarterly or monthly basis as provided in (a) and (b) above.

N.J. Admin. Code § 18:35-7.3

Amended by 48 N.J.R. 295(a), effective 2/16/2016