Monthly Underpayment Of Estimated Tax Penalty Worksheet Template printable pdf download

Monthly Underpayment of Estimated Tax Penalty Worksheet

(See Instructions on the Next Page)

REV. 6-11

Tax for which this form applies

Name:_______________________________________________________________________

WV/BOT-301

WV/SEV-401C

ID Number (FEIN or 8 digit

Business and Occupation Tax

WV/BOT-301E

WV/SEV-401

account number):

Telecommunications Tax

WV/TEL-501

WV/SEV-401T

Tax Year Beginning:

Severance Tax

Severance and Privilege Tax

WV/SEV-401H

WV/SEV-401W

Tax Year Ending:

Broad Based Health Care

WV/HCP-3A

WV/SEV-401V

Related Taxes

1. Tax liability before credits and estimated payments from the total tax due line of the appropriate annual return............................................................................................................................................................................

2. Tax Credits (Do not include estimated payments)...................................................................................................................................................................................................

3. Exemption $500.00 per year, $41.67 per month, or $1.37 per day (Not applicable to Telecommunications Tax or additional tax on severance of natural resources).................

4. Total credits and exemptions (line 2 plus line 3)..............................................................................................................................................................................................................................................................................

5. Adjusted tax (line 1 less line 4)........................................................................................................................................................................................................................................................................................................

6. Enter in columns 1 through 12 the installment dates that

correspond to the last day of the month following the month

in which the tax accrued.............................................................

7. Enter one-twelth of line 5 in columns 1 through 12...................

8. Add line 7 to line 12 from previous column................................

9. Amount paid for each period on or before the due date of the

installment ................................................................................

10. Add line 9 to line 11 of previous column...................................

11. Overpayment for this period (See instructions)...................

12. Underpayment for this period (see instructions).................

13. Enter number of days from the due date of the installment to

the date paid in full or the number of days to the date at the

top of the next column..............................................................

.000260

14. Daily penalty rate for each period.............................................

15. Calculate Penalty Due for each period (line 12 times line 13

times line 14)...................................................................................

16. Calculate Total penalty due (add columns 1 through 11 of line 15) Enter this amount on the applicable line on the various annual tax returns

This worksheet is provided as a tool to establish penalty due. It is not a substitute for tax laws and is not a binding document.

Note: The penalty is computed separately for each installment due date and you may be charged a penalty for underpayment of an installment even if your

overall payment equals your overall liability. This may be true even if you are due a refund when you file your return.