2005 Estimated Tax Worksheet With Instructions (Page 2 of 3) in pdf

INSTRUCTIONS TO PREPARE ESTIMATED TAX WORKSHEET

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Line 1.

Enter the total estimated income for the tax year

or, if this is an amended estimate, list the amount previously

2005. Include all compensation subject to Fairborn tax.

paid toward this tax year.

Line 2.

Calculate the estimated tax at 1.5% of Line 1.

Line 5b. List any other credit not claimed on Line 5a. Specify

the source of the credit.

Line 3.

Deduct the amount of tax, if any, which has been or

will be withheld for Fairborn and/or credit for city income tax

Line 5c. This is the total of lines 5a and 5b.

to be paid to another city.

Line 6.

Subtract line 5c from line 4. This is your net estimated

Line 4.

This is the amount of estimated tax declared for the

tax due. This amount can be paid in full or in quarterly install-

taxable year.

ments.

Line 5a. List any overpayment of previous year’s city tax li-

Line 7.

Divide the amount on line 6 by four to compute your

ability which you requested be applied to your next year’s tax

quarterly payments. The quarterly installment vouchers are

included in this tax package.

WHO MUST FILE AN INSTALLMENT VOUCHER

INDIVIDUALS: For calendar year taxpayers, the installment due dates are

EVERY RESIDENT of the city of Fairborn, Ohio who expects to receive

4/15, 7/31, 10/31, and 1/31.

taxable income, wherever earned, from which the full city income tax is not

BUSINESSES: For calendar year taxpayers, the installment due dates are

withheld on the entire wage.

4/15, 6/15, 9/15, and 12/15.

EVERY NON-RESIDENT of Fairborn, who expects to receive taxable in-

For fiscal year taxpayers, the installment due dates are the 15th day of the

come, earned or derived from within the city, from which the Fairborn In-

fourth, sixth, ninth, and twelfth months after the beginning of your taxable

come Tax will not be withheld.

year.

EVERY BUSINESS ENTITY, such as corporations, partnerships, fiduciary

Notes: If a due date falls on a week-end or holiday, the due date becomes the

or active trust, unincorporated business or professional entities conducting

next business day. Checks or money orders should be made payable to the

activities or producing income within the city.

City of Fairborn. The estimate may be amended at the time of making any

quarterly payment. The last quarterly payment need not be paid provided a

HOW TO FILE INSTALLMENT VOUCHERS

final return is filed and the balance of tax due is paid within 30 days following

Prepare the Estimate Worksheet to compute your net tax due. Keep the

the close of the taxable year.

worksheet for your records. All installment vouchers are included in this

tax package. No installment vouchers (or payment reminders) will be

INTEREST AND PENALTIES (FOR ESTIMATE INSTALLMENTS ONLY)

mailed.

Any installment remaining unpaid 10 days after it becomes due shall be liable

to a penalty of 10% of the difference between 90% of the tax due and the

PAYMENT OF ESTIMATED TAX

amount already paid in or withheld. Interest is the Federal Short Term rate

Returns covering estimated tax must be filed to equal not less than 90% of

plus 3%.

the actual tax for the taxable period. The estimated tax may be paid in full at

any time or in equal quarterly payments.

VIOLATIONS

Failure of a taxpayer to file an estimate may cause the imposition of additional

penalties.

2005 Estimated Tax Worksheet With Instructions Page 2

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