Form M-2220 - Underpayment Of Massachusetts Estimated Tax By Corporations - 2001 Page 2
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1
2Part 2. Figuring your underpayment penalty.
See instructions.
❿
Enter same installment dates used in line 6
(1)
(2)
(3)
(4)
13. Amount of underpayment from line 12 . . . . . . . .
14. Enter the date of payment or the 15th day of the
3rd month after the close of the taxable year,
whichever is earlier . . . . . . . . . . . . . . . . . . . . . . .
15. Number of days from due date of installment
to the date shown in line 14. . . . . . . . . . . . . . . . .
16. Number of days in line 15 after 3/15/01 and
before 4/1/01 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17. Number of days in line 15 after 3/31/01 and
before 7/1/01 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18. Number of days in line 15 after 6/30/01 and
before 1/1/02 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19. Number of days in line 15 after 12/31/02 and
before 4/1/02 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20. Number of days in line 15 after 3/31/02 and
before 7/1/02 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21. Number of days in line 15 after 6/30/02 and
before 10/1/02 . . . . . . . . . . . . . . . . . . . . . . . . . . .
22. Number of days in line 15 after 9/30/02 and
before 1/1/03 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23. Number of days in line 15 after 12/31/02 and
before 2/16/03 . . . . . . . . . . . . . . . . . . . . . . . . . . .
× (number of days
24. Underpayment in line 13
in line 16 ÷ 365) × 10% . . . . . . . . . . . . . . . . . . . .
25. Underpayment in line 13 × (number of days
in line 17 ÷ 365) × 9% . . . . . . . . . . . . . . . . . . . . .
26. Underpayment in line 13 × (number of days
in line 18 ÷ 365) × 8% . . . . . . . . . . . . . . . . . . . . .
27. Underpayment in line 13 × (number of days
in line 19 ÷ 365) × 7% . . . . . . . . . . . . . . . . . . . . .
28. Underpayment in line 13 × (number of days
in line 20 ÷ 365) ×
*
% . . . . . . . . . . . . . . . . . . . . .
29. Underpayment in line 13 × (number of days
in line 21 ÷ 365) ×
*
% . . . . . . . . . . . . . . . . . . . . .
30. Underpayment in line 13 × (number of days
in line 22 ÷ 365) ×
*
% . . . . . . . . . . . . . . . . . . . . .
31. Underpayment in line 13 × (number of days
in line 23 ÷ 365) ×
*
% . . . . . . . . . . . . . . . . . . . . .
32. Add lines 24 through 31. . . . . . . . . . . . . . . . . . . .
33. Total of amounts shown in line 32. Enter this amount in line 28 on page 1 of Form 355 or 355C; line 30 of Form 355S;
or line 14 of Form SBC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❿
*Rate to be determined.
Line Instructions
Figuring Your Underpayment and Penalty
Note: New corporations in their first full taxable year with less than 10 em-
ployees have lower payment percentages — 30-25-25-20%; 55-25-20%;
Lines 7 through 12. To determine the underpayment amount, complete
lines 7 through 12 for each appropriate column. If line 11 shows an
and 80-20%. New corporations should check the box in line 7 and use
overpayment, that overpayment may first be used as a payment of any
these percentage amounts to complete line 7.
existing underpayment amount. Overpayments used as payments of
Commercial Banks, Insurance Companies and Public Service Com-
prior underpayment amounts do not decrease the actual underpayment
panies. Enter in line 1 the Total Excise Due amount from the return being
amount but serve to reduce instead the period of underpayment sub-
filed. Also, if an underpayment penalty is due, show this amount in the
ject to penalty. If there are no existing underpayment amounts, the over-
bottom margin of page 1 of your respective return as “underpayment pen-
payment is applied as a credit against the next installment. If more than
alty” and increase your total payment due or decrease excess payment
one payment is made for a given installment, attach separate computa-
to be refunded.
tions for each payment.
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