Form Cnf-120u - Underpayment Of Estimated Tax - 2007

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WV/CNF-120U
UNDERPAYMENT OF ESTIMATED TAX
2007
WV Code 11-10-18a
-
FEIN
NAME
PART I - All filers must complete this part
Enter your 2007 franchise tax, Line 3 of Form CNF-120....................................................................................................
1
1
00
2
Enter the credits against your tax, Line 4 of Form CNF-120..............................................................................................
00
2
3
Tax after credits (subtract Line 2 from Line 1)..................................................................................................................
3
00
IF LINE 3 IS LESS THAN $12,000, DO NOT COMPLETE LINES 4 OR 5. ENTER ZERO ON LINE 6.
00
4
Multiply Line 3 by ninety percent (.90)..............................................................................
4
5
Enter the Franchise tax after credits from your 2006 return (see instructions).................
5
00
6
Enter the smaller of Line 4 or Line 5.................................................................................................................................
6
00
7
Enter your 2007 income tax, Line 8 of Form CNF-120......................................................................................................
7
00
8
Enter the credits against your tax, Line 9 of Form CNF-120.............................................................................................
00
8
9
Tax after credits (subtract Line 7 from Line 8)...................................................................................................................
9
00
IF LINE 3 IS LESS THAN $875, DO NOT COMPLETE LINES 10 OR 11. ENTER ZERO ON LINE 12.
10 Multiply Line 9 by ninty percent (.90)...................................................................................
10
11 Enter the Income tax after credits from your 2006 return (see instructions).......................
11
12 Enter the smaller of Line 10 or Line 11.............................................................................................................................
12
00
13 Combined Franchise/Income Tax required to be paid. Add LIne 6 and Line 12.................................................................
13
00
IF LINE 13 IS ZERO, DO NOT COMPLETE THIS FORM! YOU ARE NOT SUBJECT TO THE PENALTY.
REFER TO THE INSTRUCTIONS TO DETERMINE YOUR OPTIONS FOR CALCULATING THE UNDERPAYMENT PENALTY.
14 Determine your penalty by completing Part II, Part III, and Part IV below. Enter
your penalty here and on Line 20 of Form CNF-120.............................................................
14
00
15 If you are requesting a waiver of the penalty calculated, check here.
PART II: If you are using the Annualized Income Worksheet to compute your underpayment and penalty, complete Part II
Column B
Column C
Column D
Column A
Section 1. ANNUALIZED INCOME INSTALLMENT
3 months
6 months
9 months
1 Enter the West Virginia taxable income for each Period
(Multistate taxpayers use apportioned figures)..............................
00
00
00
2
Annualization amounts..................................................................
4
2
1.3333
3 Multiply Line 1 by Line 2................................................................
00
00
00
3 months
11 months
5 months
8 months
4 Enter the West Virginia taxable income for each Period
(Multistate taxpayers use apportioned figures)..............................
00
00
00
00
5 Annualization amounts.................................................................
1.09091
2.4
1.5
4
6 Multiply Line 4 by Line 5..............................................................
00
00
00
00
7 Annualized Taxable Income. In Column A, enter the amount from
Line 6, Column A. In Columns B, C, and D, enter the smaller of the
amounts in each column from Line 3 or Line 6.............................
00
00
00
00
8
Tax Rate......................................................................................
0.0875
0.0875
0.0875
0.0875
9 Annualized Tax. Multiply Line 7 by Line 8...................................
00
00
00
00
10 Tax Credits. Enter the credits found on Line 9 of Form CNF-120 in
each column...............................................................................
00
00
00
00
11 Subtract Line 10 from Line 9. If zero or less, enter -0-................
00
00
00
00
12 Applicable Percentage.................................................................
0.9
0.225
0.45
0.675
13 Multiply Line 11 by Line 12...........................................................
00
00
00
00
*B30090709A*
PAGE 29
REV 9-07

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