Form 760c - Underpayment Of Virginia Estimated Tax By Individuals, Estates And Trusts - 2007 Page 2

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760C - 2007

Page 2
Part II - Exceptions That Void the Addition to Tax
A
B
C
D
May 1, 2007
June 15, 2007
Sept. 15, 2007
Jan. 15, 2008
15. Total Amount Paid and Withheld From January 1, 2007 Through the
Installment Date Indicated
16. Exception 1: Prior Year's Tax
100% of 2006 Tax
25%
50%
75%
100%
(Multiply the 2006 tax by the percentage in each col.)
17. Exception 2: Tax on Prior Year's Income Using the
100% of Tax
25%
50%
75%
100%
2007 Rates and Exemptions
(Multiply the 2006 tax by the percentage in each col.)
18. Exception 3 Worksheet: Tax on Annualized 2007 Income (Use the formula below to compute the amount on lines 18a, b and c for each col.)
Lines 18a, b and c:
April 30 column:
Multiply the actual amount for the period ended April 30, 2007, by 3.
May 31 column:
Multiply the actual amount for the period ended May 31, 2007, by 2.4.
August 31 column:
Multiply the actual amount for the period ended August 31, 2007, by 1.5.
From January 1 to:
April 30
May 31
August 31
a. Annualized Virginia Adjusted Gross Income (VAGI) for Each Period
Note
b. Compute the Annualized Itemized Deductions Using the Formula
Estates
Above OR Enter the Full Standard Deduction in Each Column If You
and trusts
Did Not Claim Itemized Deductions
should use
c. Compute the Annualized Child and Dependent Care Expenses and
end dates
other deductions for Each Period
of March
d. Total Dollar Amount of Exemptions Claimed on Your Return
31, April 30
e. Virginia Taxable Income
& July 31.
(Subtract Lines 18b, c and d from Line 18a.)
f. Virginia Tax
(Enter the Va. income tax on the amount(s) shown on line 18e above.)
g. Multiply Line 18f by the Percentage Shown for Each Period
22.5%
45%
67.5%
Note
19. Exception 4 Worksheet: Tax on 2007 Income Over a 4, 5 and 8 Month Period* (* 3, 4 and 7 months for estates and trusts)
Exceptions
3 and 4 do
From January 1 to:
April 30
May 31
August 31
not apply to
a. Enter Your Virginia Adjusted Gross Income (VAGI) for Each Period
the fourth
b. Enter the Itemized Deductions Claimed for Each Period OR (If
installment
Greater) the Full Standard Deduction
period.
c. Enter the Child and Dependent Care Expenses and other
deductions for Each Period
d. Enter the Total Dollar Amount of Exemptions Claimed on Your
Return
e. Virginia Taxable Income
(Subtract Lines 19b, c and d from Line 19a.)
f. Virginia Tax
(Enter the Va. income tax on the amount(s) shown on Line 19e above.)
g. Multiply Line 19f by 90% (.90) for Each Period
Part III - Compute the Addition to Tax
If an exception has been met (Part II) for any installment period, complete the column for that period as follows: write "Exception" and the exception
number (1, 2, 3, or 4) on Line 20; skip Lines 21 through 23; and enter "0" on Line 24. For all other periods, complete each line as instructed below.
A
B
C
D
May 1, 2007
June 15, 2007
Sept. 15, 2007
Jan. 15, 2008
20. Amount of Underpayment From Line 14, Part I
21. Date of Payment From Line 12, Part I
(If no payments were entered on Line 12, enter the actual date of
payment or May 1, 2008, whichever is earlier.)
22. a. Number of Days After Installment Due Date Through Date Paid or
December 31, 2007, Whichever Is Earlier
(If December 31, 2007, is earlier, enter 244, 199 & 107 respectively.)
b. Number of Days After December 31, 2007 (Jan. 15, 2008 for 4th
Installment), Through Date Paid or May 1, 2008, Whichever Is
Earlier (If May 1, 2008, is earlier, enter 122, 122, 122 and 107.)
23. a. Multiply the Number of Days in Each Column on Line 22a by the
Daily Rate .00027 (10% Per Annum)
b. Multiply the Number of Days in Each Column on Line 22b by the
Daily Rate .00024 (9% Per Annum)
c. Add Lines 23a and 23b in Each Column and Enter the Total Here
24. Multiply the Amount on Line 20 by Line 23c for Each Column
25. Addition to Tax
c
(Total the amounts on Line 24. Enter here and on the "Addition to Tax" line on your
income tax return.)

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