Form 500 Es - 500-Es Worksheet/individual Estimated Tax Page 2
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2INSTRUCTIONS FOR ESTIMATED TAX FOR INDIVIDUALS AND FIDUCIARIES
WHO MUST FILE ESTIMATED TAX. Each individual or fiduciary
WHEN AND WHERE TO FILE. Estimated tax required from
subject to Georgia income tax who reasonably expects to have
persons not regarded as farmers or fishermen shall be filed on
gross income during the year which exceeds (1) personal
or before April 15 of the taxable year, except if the above
exemption, plus (2) credit for dependents, plus (3) estimated
requirements are first met on or after April 1 and before June 1,
deductions, plus (4) $1,000 income not subject to withholding.
estimated tax must be filed by June 15; on or after June 1 but
before September 1, by September 15; and on or after
EXCEPTION. Estimated tax is not required if, under an agreement
between the employer and the employee, additional tax is withheld
September 1, by January 15 of the following year. Individuals
to cover income that normally would require estimated tax to be
filing on a fiscal year basis ending after December 31 must file
filed. Individuals whose gross income from farming or fishing is
on corresponding dates.
at least two thirds of the total gross income from all sources may:
Make check or money order payable to:
(a) file as the other taxpayers or (b) file their return by March 1,
“Georgia Department of Revenue”
2007 and pay the full amount of tax due by that date.
PURPOSE OF ESTIMATED TAX. The purpose is to enable
Payment should be mailed to:
taxpayers having income not subject to withholding to currently
Georgia Department of Revenue
pay their income tax. Taxpayers are also required to file an annual
Processing Center
return claiming credit thereon for amounts paid or credited to their
P.O. Box 740319
estimated tax.
Atlanta, Georgia 30374-0319
PAYMENT OF ESTIMATED TAX. Payment in full of your esti-
You may also pay estimated tax with a credit card. Visit our
mated tax may be made with the first required installment or in
website at for more information.
equal installments during this year on or before April 15, June 15,
September 15, and the following January 15. Please include your
HOW TO COMPLETE FORM 500 ES. Calculate your estimated
Social Security number on your check.
tax using the schedule on Page 14 (of the tax booklet). Line 12
HOW TO ESTIMATE YOUR TAX. A schedule for computing your
is your estimated tax for the year. Divide Line 12 by the number
estimated tax is enclosed. Tax rate schedules are listed on Page
of quarters of liability (see “When and Where to File” above) to
14.
compute the amount to be submitted quarterly. Enter this amount
on Form 500 ES and submit to the Georgia Department of
PENALTIES. Failure to comply with the provisions of this law
Revenue. A coupon booklet will be sent to you for the remaining
relative to underpayment of installments may result in the as-
sessment of additional charges as a penalty. Willful failure to pay
quarters.
estimated tax will constitute a misdemeanor.
DEDUCTION AMOUNT FOR EACH EXEMPTION
STANDARD DEDUCTION.
Personal Exemption for self and spouse ..................... $2,700
Single and head of household ..................................... $2,300
Dependent Exemption ................................................. $3,000
Married filing jointly ...................................................... $3,000
*Maximum Retirement Income Exclusion (for 2006) .. $25,000
Married filing separately .............................................. $1,500
* For 2005 the maximum retirement exclusion is $ 15,000
Additional Deduction:
Age 65 or older ............................... $1,300
Georgia Public Revenue Code Section 48-2-31 stipulates
Blind ............................................... $1,300
that taxes shall be paid in lawful money of the United
These additional deductions are for you and your spouse only if
States, free of any expense to the State of Georgia.
the standard deduction is used. These amounts are standard
regardless of income.
DO NOT STAPLE OR PAPER CLIP. PLEASE REMOVE ALL ATTACHED CHECK STUBS
Cut along dotted line
500 ES
MAIL TO:
(Rev.1/06)
Individual Estimated Tax
Georgia Department of Revenue
Telephone No. (404) 417-4480
Processing Center
or 1-888-247-8175
P.O. Box 740319
Calendar Year
Atlanta, GA 30374-0319
or Fiscal Year Ending
Taxpayer’s SSN
Spouse’s SSN
Tax Year
Quarter
Due Date
Vendor Code
040
NAME AND ADDRESS
If your name and address is incorrect, mark the change of address box and make changes
TYPE OF RETURN
Address Change
Individual
Fiduciary
Amount Paid
DO NOT STAPLE OR PAPER CLIP. REMOVE ALL CHECK STUBS
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