Form Ins-1 - Maine Estimated Quarterly Return For Premium And/or Workers Compensation Insurance Tax Page 2

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INSTRUCTIONS
,
,
Line 1: Quarterly Tax Estimate. For first quarter, this line must equal 35% of total annual liability. ........
$
.00
Line 2: Carry-over From Prior Year. If Form INS-4 for the previous year requested carry-over of an
overpayment, enter the carry-over here. You may subtract it from the quarterly payment(s) due for the current
,
,
year. A carry-over not fully used in the first quarter may be used in subsequent quarters until fully used. .....
$
.00
Line 3: Estimated Payment. Subtract Line 2 from Line 1. Enter result here and in Estimated Payment
,
,
space on front of form. (If less than zero, enter zero) ....................................................................................
$
.00
INTEREST & PENALTY
The State Tax Assessor establishes the interest rate each year. Beginning January 1, 2005, the interest rate is 0.667% per month; 8% per year,
compounded monthly.
The penalty for failure to file a return is the greater of $25 or 10% of the tax due, unless the return is filed more than 30 days after the receipt of a
demand notice from the State Tax Assessor, in which case the failure-to-file penalty becomes 100% of the tax otherwise due.
The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure
continues, to a maximum of 25% of the outstanding liability.
INSTRUCTIONS
,
,
Line 1: Quarterly Tax Estimate. For second quarter, this line must equal 35% of total annual liability. ....
$
.00
Line 2: Carry-over From Prior Year. If Form INS-4 for the previous year requested carry-over of an
overpayment, and the carry-over was not fully used in the first quarter, enter the unused portion of it here.
,
,
You may subtract it from the quarterly payment(s) due for the current year until it is fully used. ..................
$
.00
Line 3: Estimated Payment. Subtract Line 2 from Line 1. Enter result here and in Estimated Payment
,
,
space on front of form. (If less than zero, enter zero) ....................................................................................
$
.00
INTEREST & PENALTY
The State Tax Assessor establishes the interest rate each year. Beginning January 1, 2005, the interest rate is 0.667% per month; 8% per year,
compounded monthly.
The penalty for failure to file a return is the greater of $25 or 10% of the tax due, unless the return is filed more than 30 days after the receipt of a
demand notice from the State Tax Assessor, in which case the failure-to-file penalty becomes 100% of the tax otherwise due.
The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure
continues, to a maximum of 25% of the outstanding liability.
INSTRUCTIONS
,
,
Line 1: Quarterly Tax Estimate. For third quarter, this line must equal 15% of total annual liability. .......
$
.00
Line 2: Carry-over From Prior Year. If Form INS-4 for the previous year requested carry-over of an
overpayment, and the carry-over was not fully used in the first and second quarters, enter the unused portion
,
,
of it here. You may subtract it from the quarterly payment(s) due for the current year until it is fully used. .
$
.00
Line 3. Special Assessment Credit. Beginning July 1, 2005, every fire insurance company that paid the
special assessment after July 1, 2002 may take a credit against its premium tax owed equal to the special
,
,
assessment paid in the same month during fiscal year July 1, 2002 to June 30, 2003. Enter amount here. ....
$
.00
Line 4: Estimated Payment. Subtract Lines 2 and 3 from Line 1. Enter result here and in Estimated
,
,
Payment space on front of form. (If less than zero, enter zero) .....................................................................
$
.00
INTEREST & PENALTY
The State Tax Assessor establishes the interest rate each year. Beginning January 1, 2005, the interest rate is 0.667% per month; 8% per year,
compounded monthly.
The penalty for failure to file a return is the greater of $25 or 10% of the tax due, unless the return is filed more than 30 days after the receipt of a
demand notice from the State Tax Assessor, in which case the failure-to-file penalty becomes 100% of the tax otherwise due.
The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure
continues, to a maximum of 25% of the outstanding liability.

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