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760C - 2006

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Page 2

Part II - Exceptions That Void the Addition to Tax

May 1, 2006

June 15, 2006

Sept. 15, 2006

Jan. 15, 2007

15. Total Amount Paid and Withheld From January 1, 2006 Through the

Installment Date Indicated

16. Exception 1: Prior Year's Tax

100% of 2005 Tax 25%

50%

75%

100%

(Multiply the 2005 tax by the percentage in each col.)

17. Exception 2: Tax on Prior Year's Income Using the

100% of Tax

25%

50%

75%

100%

2006 Rates and Exemptions

(Multiply the 2005 tax by the percentage in each col.)

18. Exception 3 Worksheet: Tax on Annualized 2006 Income (Use the formula below to compute the amount on lines 18a, b and c for each col.)

Lines 18a, b and c:

April 30 column:

Multiply the actual amount for the period ended April 30, 2006, by 3.

May 31 column:

Multiply the actual amount for the period ended May 31, 2006, by 2.4.

August 31 column:

Multiply the actual amount for the period ended August 31, 2006, by 1.5.

From January 1 to:

April 30

May 31

August 31

a. Annualized Virginia Adjusted Gross Income (VAGI) for Each Period

Note

b. Compute the Annualized Itemized Deductions Using the Formula

Estates

Above OR Enter the Full Standard Deduction in Each Column If You

and trusts

Did Not Claim Itemized Deductions

should use

c. Compute the Annualized Child and Dependent Care Expenses

end dates

Deduction for Each Period

of March

d. Total Dollar Amount of Exemptions Claimed on Your Return

31, April 30

e. Virginia Taxable Income

& July 31.

(Subtract Lines 18b, c and d from Line 18a.)

f. Virginia Tax

(Enter the Va. income tax on the amount(s) shown on line 18e above.)

g. Multiply Line 18f by the Percentage Shown for Each Period

22.5%

45%

67.5%

Note

19. Exception 4 Worksheet: Tax on 2006 Income Over a 4, 5 and 8 Month Period* (* 3, 4 and 7 months for estates and trusts)

Exceptions

3 and 4 do

From January 1 to:

April 30

May 31

August 31

not apply to

a. Enter Your Virginia Adjusted Gross Income (VAGI) for Each Period

the fourth

b. Enter the Itemized Deductions Claimed for Each Period OR (If

installment

Greater) the Full Standard Deduction

period.

c. Enter the Child and Dependent Care Expenses Deduction for Each

Period

d. Enter the Total Dollar Amount of Exemptions Claimed on Your

Return

e. Virginia Taxable Income

(Subtract Lines 19b, c and d from Line 19a.)

f. Virginia Tax

(Enter the Va. income tax on the amount(s) shown on Line 19e above.)

g. Multiply Line 19f by 90% (.90) for Each Period

Part III - Compute the Addition to Tax

If an exception has been met (Part II) for any installment period, complete the column for that period as follows: write "Exception" and the exception

number (1, 2, 3, or 4) on Line 20; skip Lines 21 through 23; and enter "0" on Line 24. For all other periods, complete each line as instructed below.

May 1, 2006

June 15, 2006

Sept. 15, 2006

Jan. 15, 2007

20. Amount of Underpayment From Line 14, Part I

21. Date of Payment From Line 12, Part I

(If no payments were entered on Line 12, enter the actual date of

payment or May 1, 2007, whichever is earlier.)

22. a. Number of Days After Installment Due Date Through Date Paid or

June 30, 2006, Whichever Is Earlier

(If June 30, 2006, is earlier, enter 60 and 15 respectively.)

b. Number of Days After June 30, 2006, Through Date Paid or May 1,

2007, Whichever Is Earlier

(If May 1, 2007, is earlier, enter 305, 305, 228 and 106.)

23. a. Multiply the Number of Days in Each Column on Line 22a by the

Daily Rate .00024 (9% Per Annum)

b. Multiply the Number of Days in Each Column on Line 22b by the

Daily Rate .00027 (10% Per Annum)

c. Add Lines 23a and 23b in Each Column and Enter the Total Here

24. Multiply the Amount on Line 20 by Line 23c for Each Column

25. Addition to Tax

(Total the amounts on Line 24. Enter here and on the "Addition to Tax" line on your

income tax return.)

Va. Dept. of Taxation 760C F 2601033 (REV 12/06)

Form 760c - Underpayment Of Virginia Estimated Tax By Individuals, Estates And Trusts - 2006 Page 2

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