Employer'S Withholding Tax Forms And Instructions - Grand Rapids City Income Tax - 2012 Page 3
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3CITY OF GRAND RAPIDS
INCOME TAX DEPARTMENT
PENALTY AND INTEREST WORKSHEET
FOR DELINQUENT WITHHOLDING TAX RETURNS
RETURN PERIOD
DUE DATE
TAX DUE
INTEREST
PENALTY
MINIMUM P & I
TOTAL DUE
Attach a copy of completed worksheet to each delinquent return.
INTEREST CALCULATION INSTRUCTIONS:
Interest is due from the due date of a return until the tax is paid.
Interest Rates:
For period 1/1/2009 through 6/30/2009 the interest rate is 6.0% per year or .0001644 per day.
For period 7/1/2009 through 12/31/2009 the interest rate is 4.7% per year or .0001288 per day.
For period 1/1/2010 through 12/31/2010 the interest rate is 4.25% per year or 0.0001164 per day.
For period 1/1/2011 through 6/30/2011 the interest rate is 4.25% per year or 0.0001164 per day.
For period 7/1/2011 through 12/31/2011 (Use rate for first six months of 2012 or call for rate.)
Interest rates are set by the Michigan Department of Treasury. The interest rate changes every six months. For the
current interest rate or rates for past periods, visit the Michigan Department of Treasury web site at
,1607,7-121-44402_44415---,00.html and look for the most recent Revenue
Administrative Bulletin on Interest Rates.
Interest Computation: For Interest Rate Period:
1/1/2009 to 6/30/2009:
Number of days after due date:
_____ times 0.0001644 times tax due = $_________
7/1/2009 to 12/31/2009:
Number of days after due date:
_____ times 0.0001288 times tax due = $_________
1/1/2010 to 12/31/2010:
Number of days after due date:
_____ times 0.0001164 times tax due = $_________
1/1/2011 to 12/31/2011:
Number of days after due date:
_____ times 0.0001164 times tax due = $_________
Total interest.
Add the interest calculated on the lines above and
enter on the INTEREST line of the worksheet.
Total Interest
$_________
PENALTY CALCULATION INSTRUCTIONS:
Penalty is due upon failure to file a return or failure to timely pay tax due.
Penalty Rate: One percent (1%) of the tax due per month (or portion thereof) per return.
A p
one percent of the tax due
enalty of
is applied on the first day after the due date of the return.
one percent of the tax due
An additional penalty of
is added on the first day of each subsequent month.
Maximum penalty is 25% of the tax due per return.
Penalty Computation:
Number of months delinquent times 1% (.01) times the tax due = $ _________
Enter the penalty calculated on the PENALTY line of the worksheet.
MINIMUM PENALTY AND INTEREST CALCULATION:
The minimum amount of penalty and interest combined is $2.00 per return.
Calculation of minimum penalty and interest:
If total penalty and interest is greater than $2.00 minimum does not apply.
If total penalty and interest is less than $2.00, enter $2.00 on the MINIMUM P & I line of the worksheet.
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