FAQ
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Enacted as part of the North American Free Trade Act (NAFTA), the Electronic Federal Tax Payment System (EFTPS) mandates the use of electronic fund transfers for making federal payroll, business income, and excise tax deposits. While providing business taxpayers with flexible payment option, EFTPS speeds the flow of funds to the U.S. Treasury for faster government use.
You should contact your PayYes Client Service Representative. You can either put through an adjustment with your next payroll or issue a manual check from your bank account and note the difference as an adjustment with your next payroll. The original check should be voided or stopped and returned to your Representative.
PayYes Check offers you payroll checks written on an PayYes account – freeing you from the burden of reconciling your payroll account each month; eliminating the tedious task of signing and stuffing checks; and ending the need to contact multiple sources to issue stop payments or make other payroll inquiries.
PayYes generates an ACH debit to charge your account for the net cash total of the PayYes Checks. Our account shall generally be credited 2-5 days prior to your payroll check date.
All federal employment and other depository tax payments must be made using the Electronic Federal Tax Payment System (EFTPS):
- Quarterly Federal Excise Tax (Form 720)
- Employer’s Annual Federal Unemployment Tax (Form 940)
- Employer’s Quarterly Federal Tax (Form 941)
- Employer’s Annual Tax Return for Agricultural Employees (Form 943)
- Annual Return of Withheld Federal Income Tax (Form 945)
- U.S. Corporation Income Tax (Form 1120)
- Farmer’s Cooperative Association Income Tax (Form 990C)
- Employer’s Annual Railroad Retirement and Unemployment (Form CT-1)
- Return of Private Foundation (Form 990PF)
- Exempt Organization Business Income Tax (Form 990T)
- Annual Withholding Tax Return for U.S. Source Income of Foreign Persons (Form 1042)
ACH debit payments must be initiated through the federal government’s Financial Agent by 8:00 p.m., Eastern Time (ET), on the business day prior to due date. ACH credit payment deadlines are set by the depository institution, which initiates the payments. If you wish to initiate ACH credit payments, you must contact your bank to obtain its cut-off time. In any case, the payment must be initiated no later than the business day before it is due.
Businesses should allow 10 weeks to enroll, although, according to the Internal Revenue Service (IRS), it generally takes four to six weeks.
The Internal Revenue Service (IRS) does not charge fees in connection with electronic payments. There may be, however, a bank-related fee associated with ACH processing.
Your account will be debited 2-5 days prior to the check date of your payroll. If you process a payroll with a tax liability of $100,000 or more, PayYes will debit the payroll taxes the day after the payroll is processed regardless of the check date. This will enable PayYes to meet the federal guidelines of depositing these taxes the day after your check date.
UI rate stands for “unemployment insurance rate.” It is a percentage of an employee’s wages that an employer pays to the state or federal government to fund unemployment benefits for workers who have lost their jobs. The UI rate can vary depending on factors such as the size of the employer, the industry they operate in, and their past history of layoffs or unemployment claims. The UI rate is typically calculated annually or quarterly, and employers are required by law to pay this tax to fund the unemployment insurance program. New employers are assigned a 3.4 percent UI rate for two to three years. After that, your contribution tax rate varies, depending in part on how much you’ve paid in UI benefits. The UI rate schedule and amount of taxable wages are determined annually. The UI rate schedule for 2023 is Schedule F+.
Employer on the Go is a payroll and human capital management program that provids employees the ability to access paystubs, timekeeping, time sheets, time off requests, and other payroll and HR information directly from their phone and computer. It requires service enrollment through a Payyes Payroll Service.