Institutions of the University System of Georgia must conform to applicable state and federal regulations concerning timely remission of various employee deductions and employer matching funds. This section provides a brief overview of these requirements.
Note: If the applicable agency changes the requirements before this manual can be amended, the institutions are expected to comply with the new requirements.
5.2.1 Submission of Georgia Withholding Amounts
To determine the schedule for withholding tax deposits, the Georgia Department of Revenue (DOR) requires an analysis of the previous amounts withheld in a lookback period of July 1st through June 30th.
If the taxes withheld during the lookback period are greater than $50,000, then the employer is defined as a “Semi-Weekly Payer” and the taxes must be remitted via electronic funds transfer (EFT) on the next following Wednesday or Friday. Refer to the DOR website for exact details/schedule.
Form G-7 is a quarterly return that provides a recap of monthly amounts remitted along with a method adjusting monthly totals if required. Form G-7/ Schedule B must be filed on or before the last day of the month following the end of the quarter. Georgia Form G7 Quarterly Return
If the taxes withheld during the lookback period are less than $50,000 in total but greater than $200 per month, then the employer is defined as a “Monthly Payer” and the taxes must be remitted on or before the 15th day of the following month with Form GA-V. Form G-7 must be filed on or before the last day of the month following the end of the quarter.
Form GA-V is a payment coupon used for remitting the taxes. It is used when taxes are not submitted via EFT. Georgia Form GA-V
Note 1: A registration process must be completed with the DOR before beginning electronic funds transfers. Contact the Georgia Department of Revenue, Income Tax Division, for further information and the Registration Authorization Form.
Note 2: Additional schedules are provided for smaller payroll totals, but are not likely to apply to any USG institutions. Therefore, they are not provided here.
Note 3: One additional rule requires the taxes be deposited the next banking day after payday if the amount withheld equals or exceeds $100,000.
Note 4: It is mandatory for institutions that are currently required to submit tax payments via electronic funds transfer to file their returns electronically. The Department of Revenue has instituted its new e-File and e-Pay systems to facilitate this.
Additional information may be obtained at: https://gaefile.dor.ga.gov/AUT/welcome.aspx
5.2.2 Submission of Federal Withholding Taxes and OASDI and FICA/Medicare Taxes
The federal government requires submission of taxes withheld along with employer matching amounts either monthly or within three (3) banking days, depending upon the amount of taxes deposited during a 12-month “lookback” period.
Generally, if you reported more than $50,000.00 in taxes in the previous period of July 1st through June 30th, then you are required to deposit the taxes within 3 banking days of the payroll. There is also a “$100,000.00 next-day deposit rule” that requires a next day deposit when a tax liability of $100,000.00 or more is accumulated during a deposit period.
Consult “Circular E, Employer’s Tax Guide” published by the Department of the Treasury, Internal Revenue Service, for additional information.
Deposits Using Electronic Deposits
Institutions must make electronic deposits of all depository taxes using the Electronic Federal Tax Payment System (EFTPS) if:
- The total deposits of such taxes in the calendar year two years previous were more than $200,000; or,
- The institution was required to use EFTPS last calendar year.
For further information or to enroll in EFTPS, visit the EFTPS Web Site at www.eftps.gov.
Deposits Using Federal Tax Deposit Coupons
Those institutions not required to deposit via electronic deposits should utilize Form 8109, Federal Tax Deposit Coupon, to make the deposits at an authorized financial institution. The IRS will supply preprinted 8109 forms containing the institutions’ name, address, and Employer Identification Number. Entry boxes are provided for indicating the type of tax and the tax period for which the deposit is made. Follow the instructions in the Federal Tax Deposit Coupon book, make the check payable to the financial institution taking the tax deposit, and deliver the coupon with payment check to the financial institution on or before the deposit due date and before the financial institution’s daily cutoff deadline.
Note: Form 8109 can be found at: http://www.irs.gov/pub/irs-pdf/f8109b.pdf. IRS 8109 form (copy)