Form Co-417 - Interest Calculation For Underpayment Of Estimated Corporate Income Tax

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Vermont Department of Taxes
*064171199*
133 State Street
Montpelier, VT 05633-1401
(802) 828-5723
* 0 6 4 1 7 1 1 9 9 *
Interest Calculation for Underpayment of
VERMONT
_______ Estimated Corporate Income Tax
(CYE / FYE)
•
Worksheet for corporations with estimated tax liability of more than $500 for the taxable year.
•
Corporations – read Title 32 V.S.A. §§5856-5858 on Page 2 before beginning this worksheet.
Business/Entity Name
This is sheet
of
ENTITY
Calendar Year or
Vermont Business Account Number
Federal EIN
The due date of this quarterly payment was:
INFORMATION
Fiscal Year Ending
# # # # # # X X
# #
# # # # # # #
Month
Day
Year
Y Y Y Y M M
(for principal VT
Corporation):
Enter all amounts in whole dollars.
REQUIRED ANNUAL PAYMENT
,
,
,
,
.
1. Current Year Vermont Tax Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
,
,
,
,
.
2. Multiply Line 1 by 80% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
,
,
,
,
.
3. Prior Year Vermont Tax Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
,
,
,
,
.
4. Enter the lesser of Line 2 or Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
CALCULATION OF UNDERPAYMENT
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5. Divide Line 4 by 1, 2, 3, or 4 installments. See Title 32 V.S.A. §5858 on Page 2 . . . . 5.
6. If the entity’s federal estimated tax payments are annualized, enter the annualized
Vermont tax liability through the end of this quarter. Attach a photocopy of the
,
,
,
,
.
federal annualized income installment worksheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.
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,
.
7. Tax payment required this quarter. Enter the lesser of Line 5 or Line 6. . . . . . . . . . . . 7.
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.
8. Sum of estimated tax paid and tax withheld including prior year overpayment. . . . . . 8.
If Line 8 is larger than Line 7, stop here. Enter the amount of overpayment on Line 8 of worksheet for next quarter.
,
,
,
,
.
9. If Line 7 is larger than Line 8, subtract Line 8 from Line 7 and enter result here. . . . . 9.
Month
Day
Year
10. Date underpayment was made. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
11. Number of days after the due date to date of payment. (Payment date may be in an earlier quarter.) . . . . . . . . . . . . . . . . . . . 11.
CALCULATION OF DAILY INTEREST RATE
.
12. Divide Line 11 by 365 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
%
.
13. Multiply Line 12 by Department of Taxes interest rate _____._____% . . . . . . . . . . . . . . . . . . . . . . . . 13.
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14. Interest due for this quarter. Multiply Line 9 by Line 13. . . . . . . . . . . . . . . . . . . . . . . 14.
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15. Interest due for the taxable year. Total of Line 14 amounts from attached worksheets. 15.
Form CO-417
Rev. 11/06

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