Form Co-417 - Interest Calculation For Underpayment Of Estimated Corporate Income Tax - Vermont Department Of Taxes Page 2

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Vermont Department of Taxes

109 State Street

Montpelier, Vermont 05609-1401

Interest Calculation for Underpayment

VERMONT

of ________ Estimated Corporate Income Tax

FYE

• Worksheet for corporations with estimated tax liability of more than $500 for the taxable year.

• Corporations read Title 32 V.S.A. §§5856–5858 on Side 2 before beginning this worksheet.

Day

Month

Year

This is sheet

THE DUE DATE OF THIS QUARTERLY PAYMENT WAS

ENTITY

INFORMATION

Year

Month

Vermont Business Account Number

Federal I.D. Number

Calendar year or

ﬁscal year ending

Name of entity

1. Current Year Vermont Tax Amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Multiply Line 1 by 80% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Prior Year Vermont Tax Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Enter the lesser of Line 2 or Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. Divide Line 4 by 1, 2, 3 or 4 quarters. See Title 32 V.S.A. §5858 on Side 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. If the entity’s federal estimated tax payments are annualized, enter the annualized Vermont

tax liability through the end of this quarter. Attach a photocopy of the federal annualized income

installment worksheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. Tax payment required this quarter. Enter the lesser of Line 5 or Line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8. Sum of estimated tax paid and tax withheld including prior year overpayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If Line 8 is larger than Line 7, stop here. Enter the amount of overpayment on Line 8 of worksheet for next quarter.

9. If Line 7 is larger than Line 8, subtract Line 8 from Line 7 and enter result here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Month

Day

Year

10. Date underpayment was made. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Number of days after due date to date of payment. (Payment date may be in an earlier quarter.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.

12. Divide Line 11 by 365. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12.

13. Multiply Line 12 by Department of Taxes interest rate _____

_____.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13.

14. Interest due for this quarter: Multiply Line 9 by Line 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.

15. Interest due for the taxable year: Total of Line 14 amounts from attached worksheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.

Form CO- 417