Form 600 Uet - Underpayment Of Estimated Tax By Corporations Page 2
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Instructions for 600 UET Underpayment of
Exception 1, Tax on Annualized Current Year’s Income: This exception applies if
your current year’s tax payments equal or exceed 70 percent of the tax on your
Estimated Tax by Corporations
annualized taxable income for periods from the first of the year to the end of the
month preceding that in which an installment is due.
A.
Corporate taxpayers may use this form to determine whether income tax
To annualize your taxable income, follow these four steps:
was sufficiently paid throughout the year by withholding or by installment
a)
Figure your taxable income from the first of your taxable year up to
payments. If sufficient tax was not paid you may owe a penalty of 9 percent a
and including the month prior to that in which an installment is due.
year on the unpaid amount. This form will help you determine whether you
b)
Multiply the result of Step (a) by 12
are subject to a penalty, or whether you are excepted from a penalty.
c)
Divide the result of Step (b) by the number of months in your compu-
tation period.
d)
The result is your annualized taxable income.
B.
FILING AN ESTIMATE AND PAYING THE TAX, CALENDAR YEAR
TAXPAYERS. – If you file a return on a calendar year basis and are required
to file Form 602ES, you are generally required to file estimated tax by April 15,
Example
and to pay tax in four installments. (You may be required to pay in fewer
installments.)
The chart below shows the due date for estimated tax, and
maximum number of installments.
1.
Taxable Income during Jan., Feb., and March .............. 8,750.00
2.
Annualized income (8,750.00 x 12 = 105,000 / 3) ........ 35,000.00
2,100.00
3.
Total Income Tax ( 6%) .................................................. .
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Requirements
of
of Installments
First Met
Payment
Required
If your withheld tax and estimated tax payment for the first installment
Between Jan. 1 and March 31
April 15
4
period of the current year was at least 368.00 (70% x 25% x $2,100.00)
Between Apr. 1 and May 31
June 15
3
you do not owe a penalty for that period.
Between June 1 and August 31
Sept. 15
2
On or after September 1
Dec. 15
1
E.
OVERPAYMENT. – Apply as a credit against the next installment any
If any date shown falls on a Saturday, Sunday, or legal holiday, substitute the
installment overpayment on Line 10 that is greater than all prior underpay-
next regular workday.
ments.
C.
FISCAL YEAR TAXPAYERS. - Fiscal year taxpayers should contact the
F.
INSTALLMENT PAYMENTS. – If you made more than one payment
Income Tax Division at (1-877-423-6711) for information on the penalty for under-
for an installment attach a separate computation for each payment.
payment of estimated taxes.
D.
EXCEPTION FROM THE PENALTY. – You will not be liable for a penalty
if your current year tax payments (amount shown on Line 13) equals or
exceeds any amount determined for the same period under the following
exception provision. If the exception does not apply, complete Line 15 through
19 to figure your penalty. Put the amount on Line 19 on Form 600, Schedule 3,
Line 8A or Form 600S, Schedule 4, Line 8A or Form 600-T, Schedule 2, Line 6.
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