Form 45-009 - Estimated Income Tax Traditional Worksheet - 2015 Page 2
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1
22015 Estimated Income Tax for Individuals
Iowa Department of Revenue
Page 2
If opting to use one of the methods other than the traditional worksheet, proceed to number 21
located below the traditional worksheet under “Quarterly Estimated Tax Computation.”
Traditional Worksheet - for taxpayer record ONLY
1. Net income. Gross income minus adjustments.
Report income for both spouses if filing a joint Iowa return
1.
2. Federal income tax paid less federal income tax refund
2.
3. Balance. Subtract line 2 from line 1
3.
4. Estimated deductions. Enter (a) total estimated itemized deductions or (b) standard deduction.
Enter $1,950 single or $4,810 joint.
4.
5. Taxable income. Subtract line 4 from line 3. If less than zero, you do not owe estimated income
tax
5.
6. Compute income tax using 2015 Tax Rate Schedule below.
6.
7. Iowa lump-sum tax
7.
8. Iowa minimum tax
8.
9. Total estimated tax liability. Add lines 6 through 8
9.
10. Total credits. Personal and dependent exemptions, tuition and textbook credit, firefighters/EMS
and reserve peace officers.
10.
11. Balance. Subtract line 10 from line 9.
11.
If you are a resident, please skip line 12.
12. Nonresident. Enter amount of Iowa-source net income.
12.
13. Percentage of Iowa income vs. total income. Divide line 12 by line 1. Iowa residents enter 100%.
13.
%
14. Estimated Iowa tax. Multiply line 11 by line 13
14.
15. Total nonrefundable credits
15.
16. Balance. Subtract line 15 from line 14
16.
17. Iowa residents’ school district or emergency medical services surtax.
17.
18. Balance. Add lines 16 and 17
18.
19. Total Iowa credits: withholding, child and dependent care or early childhood development,
motor fuel tax, out-of-state tax, Iowa EITC, and other refundable credits .
19.
20. Estimated tax. Subtract line 19 from line 18, rounded to the nearest dollar. Do not file estimated
taxes if line 20 is less than $200. If line 20 exceeds $200, continue to line 21 directly below.
20.
Quarterly Estimated Tax Computation
21. If the estimated tax exceeds $200.00, enter 100% (unless high income) of the prior year’s tax
liability, or 5% of this year’s anticipated Iowa gross income, or the amount from line 20 on the
above worksheet.
21.
22. Multiply line 21 by 0.25. This is your quarterly estimated payment amount. Enter this amount
into column A, lines 1 through 4, on the Estimated Tax Payment Schedule below.
22.
2015 Tax Rate Schedule
Estimated Tax Payment Schedule
A
B
C
Taxable Income
Refund Carryforward
Amount to be paid
/ Prior Period
(column A less
Computed
But
Of Excess
Overpayment
column B)
Installment
Over
Not Over
Date
Tax Rate
Over
1. 04/30/2015
$0
$1,539
$0.00 + (0.36%
x
$0)
$1,539
$3,078
$5.54 + (0.72%
x
$1,539)
2. 06/30/2015
$3,078
$6,156
$16.62 + (2.43%
x
$3,078)
$6,156
$13,851
$91.42 + (4.50%
x
$6,156)
$13,851
$23,085
$437.70 + (6.12%
x
$13,851)
3. 09/30/2015
$23,085
$30,780 $1,002.82 + (6.48%
x
$23,085)
$30,780
$46,170 $1,501.46 + (6.80%
x
$30,780)
4. 02/01/2016
$46,170
$69,255 $2,547.98 + (7.92%
x
$46,170)
$69,255
------ $4,376.31 + (8.98%
x
$69,255)
Example on how to computer estimated tax: The taxable income is $24,000.
The calculation = $1,002.82 + [6.48% x ($24,000 - $23,085)].
The result = $1,002.82 + $59.29 = $1,062.11. Round to the nearest dollar = $1,062
45-009b (10/27/14)
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