Form Cd-429b - Underpaiment Of Estimated Tax By C Coporations - 2000
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1
22000
Underpayment of Estimated Tax by C Coporations
Form CD–429B
10–00
North Carolina Department of Revenue
File with
CD–405
For Calendar Year 2000 or Other Tax Year Beginning_________________and Ending_________________________
Legal Name (First 30 characters)
Federal Employer ID Number
Part I Computation of Underpayment
Note:
If you meet any of the exceptions that avoid the underpayment penalty for ALL quarters, complete only lines 7 through 10.
1.
Total Income tax liability from Page 3 of the return . . . . . . . . . . . . . . . . . . . . . . . . . . .
2(a)
2.
(a)
Enter 90% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . .
2(b)
(b)
Enter the tax shown on the corporation’s preceding tax return . . .
2(c)
(c)
Estimated tax. Enter the smaller of line 2(a) or line 2(b) . . . . . . . . . . . . . . . . . . . .
Enter in columns (a) through (d) the installment dates that
Due Dates of Installments
correspond to the 15th day of the 4th, 6th, 9th, and 12th
(a)
(b)
(c)
(d)
months of your tax year. If any date falls on a Saturday,
Sunday, or legal holiday, substitute the next regular workday . . .
3.
Enter 25% of line 2(c) in each column (a) through (d) . . . . . . .
4.
(a)
Amount paid or credited for each period . . . . . . . . . . .
(b)
Overpayment of previous installment (enter any overpayment
shown on line 6 that is more than the total of all prior under–
payments as a credit against the next installment) . . . . . .
5.
Add lines 4(a) and 4(b) . . . . . . . . . . . . . . . . . . . . . . .
6. Underpayment (subtract line 5 from line 3) or overpayment
(subtract line 3 from line 5) . . . . . . . . . . . . . . . . . . . . .
Part II Exceptions to the Underpayment Penalty (See instructions)
7.
Total amount paid or credited from the beginning of the tax year
through the installment dates that correspond to the 15th day of
the 4th, 6th, 9th, and 12th months of your tax year . . . . . . . .
25% of tax
50% of tax
75% of tax
100% of tax
*
8.
Exception 1, prior year’s tax . . . . . . . . . . . . . . . . . . . .
25% of tax
50% of tax
75% of tax
100% of tax
Exception 2, tax on prior year’s income based on the facts shown
* 9.
on the prior year’s return but using current year’s rates . . . . . .
45% of tax
67.5% of tax
22.5% of tax
90% of tax
10.
Exception 3, tax on annualized income (attach computation) . . .
Part III Computation of Underpayment Penalty
Enter same installment dates used above . . . . . . . . . . . . .
11. Amount of underpayment from line 6 . . . . . . . . . . . . . . . .
12. Enter the date of payment or the 15th day of the 3rd month
after the close of the tax year, whichever is earlier . . . . . . . . .
13. Number of days from due date of installment to the date shown
on line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14. Days on line 13(a) x rate** x amount on line 11(a)
. . . . . . . .
Days in the tax year
15. Days on line 13(b) x rate** x amount on line 11(b) . . . . . . . .
Days in the tax year
16. Days on line 13(c) x rate** amount on line 11(c) . . . . . . . . . .
Days in the tax year
Days on line 13(d) x rate** amount on line 11(d) . . . . . . . . . .
17.
Days in the tax year
18. Underpayment penalty (total of lines 14, 15, 16, 17) . . . . . . . .
See Note – Reverse
*
**
Statutory Rate, See Instructions
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