Declaration Of Estimated Tax For Year 2008 - City Of Mason printable pdf download

INSTRUCTIONS FOR ESTIMATING TAX

WHO MUST FILE

(a) Every resident of the City of Mason who expects to receive taxable income,

wherever earned, regardless of the city withheld for.

(b) Every non-resident who expects to receive taxable income earned or derived

within the City of Mason from which Mason tax will not be withheld at 1%.

WHEN TO FILE

Quarterly installments are due on or before April 15, July 31, October 31 and

January 31.

AMOUNT OF ESTIMATED TAX REQUIRED

Taxpayers who are subject to the City of Mason income tax must have ninety

percent (90%) of their current year’s tax liability paid through quarterly estimated

payments and withholding tax by January 31 of the following year. Taxpayers

who do not meet these payment requirements are subject to an underpayment

penalty as provided by the Income Tax Ordinance.

PAYMENT OF ESTIMATED TAX

Make check payable to City of Mason Tax Office or sign the credit card section

and indicate credit card number, expiration date, amount authorized and your

telephone number(s).

AMENDED DECLARATION OF ESTIMATED TAX

The Declaration of Estimated Tax may be amended at any time, but not later than

January 31 of the following year, in order to meet the above payment

requirements. It is the responsibility of the taxpayer to determine the amount of

estimated tax due for the year, file any amendment, and pay the estimated tax.

LINE-BY-LINE INSTRUCTIONS

On Line 1, indicate the total income subject to tax multiplied by the 1% tax rate.

On Line 2A, indicate the estimated tax (if any) to be withheld by your employer

for the City of Mason. On Line 2B, list any payments on taxable income to

another municipality, limited to 65% of the Mason tax due on the portion of the

earnings taxed by the city where employed. Line 2C is the total of the credits on

Line 2A and 2B. Line 3 is the difference between Line 1 and Line 2C. Line 4

calculates the quarterly amount due. The quarterly payment schedule is below.

2007 Declaration and Return Payment Calendar

April 16, 2007

July 31, 2007

October 31, 2008 January 31, 2008

April 15, 2008

Make 2nd

Make 3rd quarterly

Make 4th quarterly

File 2006 Return

File 2007 Return

quarterly payment

payment

File 2007

File 2008

Declaration with

1/4 payment

Declaration Of Estimated Tax For Year 2008 - City Of Mason

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