· If your church or organization reported withheld taxes of more than $50,000 during the most recent lookback period (for 2014 the lookback period is July 1, 2012, through June 30, 2013), then the withheld payroll taxes are deposited semiweekly with a bank. This means that for paydays falling on Wednesday, Thursday, or Friday, the payroll taxes must be deposited on or by the following Wednesday. For all other paydays, the payroll taxes must be deposited on the Friday following the payday. Note further that large employers having withheld taxes of $100,000 or more at the end of any day must deposit the taxes by the next banking day. The deposit days are based on the timing of the employer's payroll.