Form 80-320-14-8-1-000 - Mississippi Individual Income Tax Interest And Penalty Worksheet

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Mississippi
Form 80-320-14-8-1-000 (Rev. 6/14)
Individual Income Tax
Interest and Penalty Worksheet
Taxpayer First Name
Initial
Last Name
SSN
Spouse First Name
Initial Last Name
Spouse SSN
Mailing Address (Number and Street, Including Rural Route)
Farmers or Fishermen
(see instructions)
County Code
Filing Requirements Met After Due Date
City
State
Zip
(see instructions)
INTEREST ON UNDERPAYMENT OF ESTIMATED TAX
CALCULATION OF ESTIMATE PAYMENT
.
1
2014 Mississippi income tax liability
(see instructions)
1
00
2
Multiply the amount on line 1 by 80% and enter the result
.
2
00
.
3
2013 Mississippi income tax liability
(see instructions)
3
00
.
4
Enter the lesser of line 2 or line 3
(see instructions)
4
00
.
5
Enter the amount of your 2014 Mississippi withholding
5
00
.
6
Subtract line 5 from line 4 and enter the result
6
00
(a)
(b)
(c)
(d)
INTEREST CALCULATION
15th of 4th month
15th of 6th month
15th of 9th month
15th of 1st month
7
Enter 25% of Line 6 in column (a), 50% of line 6 in column (b),
75% of line 6 in column (c), and 100% of line 6 in column (d)
8
Enter the total estimated tax paid as of payment due dates
9
Underestimate subject to interest (subtract line 8 from line 7, if
negative amount, enter zero)
10 Enter percentage of interest (compute interest at 9/10 of 1% per
month from payment due date until paid or next payment due date,
whichever is earlier
11 Interest due (multiply line 9 by line 10)
12 Total underestimate interest due (enter the total of line 11,
column (a), (b), (c), and (d))
.
12
00
LATE FILING PENALTY
13 Balance due (from Form 80-105 (Resident), page 1, line 33 or from Form 80-205
(Non-Resident/Part-Year), page 1, line 34 or Form 80-110 (EZ), line 18)
.
13
00
14 Late filing penalty (5% per month not to exceed 25% on amount of tax due, line 13,
minimum $100; see instructions)
.
14
00
LATE PAYMENT INTEREST AND PENALTY
.
15 Balance due (from Form 80-105 (Resident), page 1, line 33 or from Form 80-205 (Non-Resident/
15
00
Part-Year), page 1, line 34 or Form 80-110 (EZ), line 18))
.
16 Late payment interest (compute interest at 9/10 of 1% per month on the amount of tax due,
16
00
line 15; see instructions)
.
17 Late payment penalty (compute penalty at 1/2% per month not to exceed 25% on the amount
17
00
of tax due, line 15; see instructions)
.
18 Total late payment interest and penalty (line 16 plus line 17)
18
00
LATE PAYMENT INTEREST AND PENALTY
.
19 Total interest and penalty (line 12 plus line 14 and line 18)
19
00

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