Instructions For Income Tax Form - Village Of East Canton (Page 2 of 3) in pdf

Instructions For Income Tax Form - Village Of East Canton Page 2

VILLAGE OF EAST CANTON

INCOME TAX FORM INSTRUCTIONS

Line 1:

Enter the amount from section 20 of W-2. This section includes gross wages, salaries, tips,

bonuses, commissions, and other compensations received BEFORE ANY PAYROLL

DEDUCTIONS. Also included are payments into 401K and other voluntary payroll deduc-

tions. (These are taxable by the Village of East Canton in the year they are earned even

though they are non-taxable by the federal government until after retirement. If this section is

blank, use section 5 or 3. The higher amount is the accurate figure to use.

Line 2:

A. Enter amount from appropriate Federal Form. Attach copy. SEE SECTION A ON PAGE 2

OF FORM.

B. Enter amount from Federal Schedule E and/or R.

Attach copy.

C. Total A & B. NOT TO BE LESS THAN ZERO (0). Business and rental losses may not be

used to offset wages.

Line 3:

Enter amount from Federal Form 2106. Attach copy. See section C on page 2 of form.

Line 4:

Line 1 plus Line 2 less Line 3.

Line 5:

Village Tax Due. 1% of Line 4.

Line 6:

A. From Local Income Tax section (21) of W-2 if locality (19) is East Canton.

B. From Local Income Tax section (21) of W-2 if locality (19) is different from East Canton.

THIS AMOUNT IS NOT TO EXCEED 1% PER EACH W-2 SEPARATELY.

C. Enter any overpayment from previous year. Leave blank if credit was already taken on

Declaration Payments.

D. Enter Declaration of Estimated Tax payments.

E. Total Credits, (Add Lines A, B, C, D)

Line 7:

Balance due, if Line 5 is greater than Line 6E. (Line 5 less Line 6E.)

Line 8:

Penalty of 1% and Interest of 1% per month of taxes due, if paid later than APRIL 30.

IN ADDITION, A $25.00 LATE FEE WILL BE CHARGED ON ALL RETURNS RECEIVED

LATER THAN APRIL 30, REGARDLESS OF AMOUNT OF TAX DUE.

Line 9:

Total Lines 7 & 8. Amount due for this years final tax return.

Line 10: If Line 6E (credits) is greater than Line 5 (tax due), choose to have overpayment refunded

or credited to next year’s taxes. (Apply to Declaration below.)

**IMPORTANT INFORMATION ON BACK**

Instructions For Income Tax Form - Village Of East Canton Page 2