Form 502 Up - Underpayment Of Estimated Maryland Income Tax By Individuals - 1998
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1FORM
UNDERPAYMENT OF ESTIMATED
98
19
502 UP
MARYLAND INCOME TAX
BY INDIVIDUALS
SEE EXPLANATION ON REVERSE. ATTACH THIS FORM TO FORM 502 OR 505.
IMPORTANT: PLEASE REVIEW THE INSTRUCTIONS BEFORE COMPLETING THIS FORM.
FARMERS AND FISHERMEN SEE BACK OF FORM FOR COMPUTATION
IF YOUR INCOME IS TAXABLE BY ANOTHER STATE, SEE BACK OF FORM.
Your first name and initial
Last name
Social security number
Spouse’s first name and initial
Last name
Social security number
EXCEPTIONS WHICH AVOID THE UNDERPAYMENT INTEREST
No interest is due and this form should not be filed if:
A. The tax liability on gross income after deducting Maryland withholding is $500 or less, or
B. You have made four quarterly payments as required, each equal to or more than one-fourth of last year’s taxes.
COMPUTATION OF UNDERPAYMENT – LINES 1 THROUGH 15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ______________
1. Total Maryland income
(from line 18 of Form 502 or line 25 of 505)
______________
2. 1998 Maryland and local tax
(from line 39 of Form 502 or Form 505)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
___________________
3. Out of state credit
. . . . . . . . . . . . . . . . . . . . . . . . .
(from line 46 of Form 502)
___________________
4. Business tax credits
. . . . . . . . . . . . . . . .
(from line 47 of Form 502 or Form 505)
___________________
5. Total tax developed on tax preference items . . . . . . . . . . . . . . . . . . . . . .
______________
6. Total
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Add lines 3, 4 and 5)
______________
7. Balance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(subtract line 6 from line 2)
______________
8. Multiply line 7 by 90% (.90) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9. 1997 tax
(Enter line 62c (reduced by any credits on lines 67 and 68) of 1997 Form 502 or 503,
______________
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
or line 62 (reduced by any credits on line 68) of 1997 Form 505)
. . . . . . . . . . . . . . . . . . . . . . . . . . $ ______________
10. Minimum withholding and/or estimated tax required
(Enter the lesser of line 8 or 9.)
DUE DATES OF INSTALLMENTS
April 15, 1998
June 15, 1998
September 15, 1998 January 15, 1999
Jan. 1 to
Jan. 1 to
Jan. 1 to
Jan. 1 to
INSTALLMENT PERIODS . . . . . . . . . . . . . . . . . . . .
Mar. 31
June 30
Sept. 30
Dec. 31
11. Divide total Maryland income on line 1 into earnings per period
(See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12. Divide net earnings per period on line 11 by the amount
on line 1 to determine the percent per period
. . . . . . . . . . . . . . . . . . .
13. Payments required. Multiply the amount on line 10 by the
percent on line 12 for each period
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14. Estimated tax paid and tax withheld per period
(See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15. Underpayment per period
(line 13 less line 14)
If less than zero,
enter zero.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COMPUTATION OF INTEREST
.0217
.0328
.0435
.0321
16. Interest factor
. . . . . . . . . . . . . . . . . . . . . .
(based on 13% annual rate)
17. Multiply underpayment on line 15 by the factor on line 16 for
each period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18. Interest
(Add amounts on line 17)
Place total on line 53 of Form 502 or Form 505 and include amount
in your total payment with return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COT/RAD-017
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