Quarterly Underpayment Of Estimated Tax Penalty Worksheet Template

Quarterly 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):

Severance

Telecommunications Tax

WV/TEL-501

WV/SEV-401T

Tax Year Beginning:

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.............................................................................. 1

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

3. Exemption $500.00 per year, $125 per quarter (Not applicable to Telecommunications Tax or additional tax on severance of

natural resources)......................................................................................................................................................................... 3

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

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

1

2

3

4

6. Enter in columns 1 through 4 the installment dates which

correspond to the last day of the month following the end of the

quarter in which tax accrued.......................................................

7. Enter 25% of line 5 in columns 1 through 4...............................

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...................................................................

.000260

.000260

.000260

.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 3 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.