Form C-8020 - Michigan Sbt Penalty And Interest Computation For Underpaid Estimated Tax - 2002 Page 2

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C-8020, Page 2
PART 3: FIGURING THE PENALTY
Federal Employer Identification Number
Compute penalty only if paid quarterly return(s) were not filed. Do not compute penalty for any quarter in which a timely paid
estimated return was filed or there is a credit available from prior quarterly returns. Treasury will review the estimates filed
and, if necessary, bill for the appropriate penalty.
A.
B.
C.
D.
29.
Enter the amount from line 16
29.
15%
15%
15%
15%
30.
Penalty rate by quarter
30.
31.
Multiply line 29 by line 30
31.
32.
Enter the portion of line 29, column D, that is carried
forward from line 29A (see below*)
32.
10%
33.
Penalty correction percentage
33.
34.
Multiply line 32, column D, by 10%
34.
35.
Penalty. Subtract line 34 from line 31, if applicable
35.
36.
Enter the amounts from line 31 or line 35, whichever applies
36.
37.
Total penalty. Add line 36, columns A through D
37.
38.
Total penalty and interest. Add lines 28 and 37.
Enter here and on C-8000, line 56 or C-8044, line 23
38.
*This adjustment is only necessary if a first quarter underpayment is not satisfied by payments made in the second, third or fourth
quarters. To compute this line, total the amounts on line 8, columns B, C and D. If the total of these three amounts is greater than or
equal to the amount on line 14, column A, then no adjustment is necessary. If line 14, column A is greater than the total of line 8,
columns B, C and D, enter the difference on line 32 and compute the adjustment.
Annualization Worksheet
B.
A.
C.
D.
Complete this worksheet if liability is not evenly distributed
First 6
First 3
First 9
Full 12
throughout the year.
Months
Months
Months
Months
1.
Gross receipts
1.
2.
Business income
2.
3.
Compensation
3.
4.
Additions
4.
5.
Add lines 2 through 4
5.
6.
Subtractions
6.
7.
Tax base. Subtract line 6 from line 5
7.
8.
Apportionment percentage from C-8000H
8.
9.
Apportioned tax base. Multiply line 7 by line 8
9.
10.
Recapture of capital acquisition deduction from C-8000D
10.
11.
Business loss deduction
11.
12.
Statutory deduction, if available
12.
13.
Adjusted tax base. Add line 10 and subtract lines 11 and 12
from line 7 or 9, whichever applies
13.
14.
Reductions to tax base from C-8000S
14.
15.
Taxable amount. Subtract line 14 from line 13
15.
16.
Tax rate. See Important Information for 2002, page 3
16.
17.
Tax before credits. Multiply line 15 by line 16
17.
18.
Tax after Investment Tax Credit
18.
19.
Standard small business credit from C-8000C or C-8009
19.
20.
Subtract line 19 from line 18
20.
21.
Alternate tax from C-8000C, C-8044 or C-8009
21.
22.
Unincorporated/S-corporation credit
22.
23.
Other credits from C-8000C or C-8000MC
23.
24.
Net tax liability. Subtract lines 22 and 23
from line 20 or 21, whichever applies
24.
25.
Annualization ratios
4
2
1.3333
1
25.
26.
Annualized tax. Multiply line 24 by line 25
26.
27.
Applicable percentage
21.25%
42.5%
63.75%
85%
27.
28.
Multiply line 26 by line 27
28.
29.
Enter the combined amounts of line 30
from all preceding columns
29.
30.
ESTIMATE REQUIREMENTS BY QUARTER
Subtract line 29 from line 28. If less than zero, enter -0-.
Enter here and on C-8020, line 6
30.
NOTE: Totals on line 30 must equal 85% of the current year tax liability on page 1, line 3.

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