Form 4u - Underpayment Of Estimated Tax By Corporations - 1998 Page 2
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1998 Form 4U
Part III
Annualized Income Installment Method Worksheet
Fill in this worksheet only if computing required installments using the annualized
Annualization Period
income installment method. Complete one column through line 47 before com-
(a)
(b)
(c)
(d)
First 2 months
First 5 months
First 8 months
First 11 months
pleting the next column. Form 4T filers see instructions to figure lines 27 and 29.
27
Enter Wisconsin net income for each period (see instructions) . . .
28
Annualization factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
2.4
1.5
1.091
29
Multiply line 27 by line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
Adjustments (NOLs, etc. — see instructions) . . . . . . . . . . . . . . . .
31
Combine lines 29 and 30. This is annualized income . . . . . . . . . .
32
Multiply line 31 by 7.9% (.079). This is annualized gross tax . . . .
33
Enter your nonrefundable credits . . . . . . . . . . . . . . . . . . . . . . . . . .
34
Subtract line 33 from line 32. If zero or less, enter zero . . . . . . . .
35
Enter temporary recycling surcharge
(based on amount in this column)
36
Add lines 34 and 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
Enter your refundable credits (excluding estimated tax and surcharge paid)
38
Subtract line 37 from line 36. If zero or less, enter zero.
This is annualized net tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
Applicable percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22.5%
45%
67.5%
90%
40
Multiply line 38 by line 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
Enter the combined amounts of line 47 from all preceding columns
42
Subtract line 41 from line 40. If zero or less, enter zero . . . . . . . .
43
Divide Part I, line 4, by 4 and enter the result in each column . . . .
44
Enter the amount from line 46 for the preceding column . . . . . . . .
45
Add lines 43 and 44 and enter the total . . . . . . . . . . . . . . . . . . . . .
46
If line 45 is more than line 42, subtract line 42 from line 45.
Otherwise, enter zero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Enter the smaller of line 42 or 45 here and on Part I, line 6 . . . . . .
Item to Note — “Estimated tax” includes the temporary recycling surcharge
Line 11. Any overpayment remaining after completing line 10 should be
for taxable years ending before April 1, 1999. The surcharge is scheduled to
carried forward to the next period.
expire for taxable years ending on or after April 1, 1999.
Lines 13 through 17. Complete these lines to determine the amount of
Purpose of Form 4U — Corporations and tax-exempt organizations that
interest due on the underpayment. Complete lines 13 and 15 only when an
must file Form 4T use Form 4U to determine if they are subject to interest for
overpayment or late payment is carried back on line 10. If you apply more
underpayment of estimated tax and, if so, the amount of interest. A corpora-
than one payment to a given installment, attach a statement showing a
tion or exempt organization must have made estimated tax payments if the
separate computation for each payment.
total of its tax and temporary recycling surcharge for its taxable year
If you do not have a balance due after 2½ months after the close of your
beginning in 1998 is $500 or more. Form 4U is also used to compute both
taxable year, enter the amount from line 17 on your franchise or income tax
extension and delinquent interest whenever the tax due is not paid within 2½
return. Otherwise, enter the amount from line 17 on Part II, line 22, and
months after the end of the taxable year.
complete the rest of Part II.
Part I — Compute any underpayment of required installments and the amount
Part II — Complete Part II only if your return is not filed by the unextended
of interest due in Part I. Required installments differ for large and small
due date and shows a balance due.
corporations. For estimated tax purposes, a “small” corporation is one having
1998 Wisconsin net income of less than $250,000, while a “large” corporation
Line 24. The 12% interest applies to the tax on line 23, column b, only for the
is one having 1998 Wisconsin net income of $250,000 or more.
extension period. Compute interest at 18% per year from the extended due
Required installments for small corporations are based on the smaller of (1)
date to the date the return is filed on the sum of the tax on line 23, column b,
90% of 1998 Wisconsin net tax, (2) 100% of 1997 Wisconsin net tax, provided
and the 12% interest on line 24, column b. Include this additional interest in
the 1997 return covered an entire 12-month period, or (3) 90% of the 1998
the “Total” on line 24, column c.
Wisconsin net tax figured by annualizing income.
Line 25a. The “net tax due” is the total tax and temporary recycling surcharge
Required installments for large corporations and for corporations that didn’t file
less any allowable credits and estimated payments made by the due date of
a 1997 Wisconsin return covering a 12-month period are based on the smaller
the return.
of 90% of 1998 Wisconsin net tax or 90% of the 1998 Wisconsin net tax
figured by annualizing income.
Part III — If you compute one or more installments under the annualized
income installment method, complete Part III and enter the amounts from line
Line 1a. Enter the amount from 1998 Form 4, line 18; Form 4I, line 22; Form
47 on Part I, line 6. See section Tax 2.89, Wisconsin Administrative Code, if
4T, line 21; Form 5, line 12; or Form 5S, line 8 plus line 10.
the taxable year covers less than 12 months.
Line 1b. Enter your refundable credits from 1998 Form 4, line 20; Form 4I, line
Lines 27 and 30. Do not include on line 27 items which remain constant from
24; Form 4T, line 23; or Form 5, line 14.
period to period, such as net business loss carryforwards and amortization of
adjustments for changes in method of accounting. Instead, enter these items
Line 3a. Enter the amount from 1997 Form 4, line 18; Form 4I, line 22; Form
on line 30, columns a through d, in total.
4T, line 21; Form 5, line 12; or Form 5S, line 8 plus line 10.
For filers of Form 4T, the period used to figure taxable income for each
Line 3b. Enter your refundable credits from 1997 Form 4, line 20; Form 4I, line
column is as follows: Column a, first 1 month; column b, first 4 months;
24; Form 4T, line 23; or Form 5, line 14.
column c, first 7 months; and column d, first 10 months.
Line 10. Complete line 10 only if you have an overpayment on line 9 for one
Line 29. For filers of Form 4T, the annualization factor to be used in each
or more installment periods. The overpayment may be carried back to prior
column is as follows: Column a, 12; column b, 3; column c, 1.714; and column
installment periods and offset against an underpayment for such periods. If
d, 1.2.
you use underpayments from more than one installment period to offset an
underpayment of one period, fill in separately on line 10 each carryback used
to offset the underpayment.
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