Form 83-305-14-8-1-000 - Mississippi Underestimate Of Corporate Income Tax Worksheet

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Form 83-305-14-8-1-000 (Rev. 05/14)
Mississippi
Underestimate of Corporate Income Tax Worksheet
FEIN
Amended
Annualized Income Method
PART I: CALCULATION OF ESTIMATED PAYMENT
1
Current year income tax due (from Form 83-105, line 8 (corporations)
or Form 84-105, line 8 (composite S corporations))
1
.
00
2
Ninety (90%) of current year income tax due (multiply line 1 by 90%)
2
.
00
3
Estimated payment per quarter (divide line 2 by four)
3
.
00
PART II: PENALTY CALCULATION
(a)
(b)
(c)
(d)
15th of 4th Month
15th of 6th Month
15th of 9th Month
15th of 12th Month
4
Estimate due dates (enter the dates in columns (a) through (d))
5
Required estimate each quarter (enter amount from Part I, line 3)
6
Estimated tax paid each quarter
7
Overpayment (enter amount, if any, from previous year or
quarter(s), line 7, in columns (a),(b), (c), or (d))
8
Total (subtract line 5 from line 6 and line 7, enter in column (a).
If negative (overpayment), enter zero and carry amount (positive)
in the next quarter(s), line 7, column(s) (b), (c), (d))
9
Underestimated penalty due (multiply line 8 by 10%. If
negative, enter zero)
PART III: INTEREST CALCULATION
10 Cumulative tax liability (enter cumulative amount from line 5)
11 Cumulative overpayment (enter cumulative amount of estimates
paid plus any overpayment from prior year; line 6 plus line 7)
12 Total underpayment/overpayment of estimates (subtract line 10
from line 11. If the result is negative, enter zero)
13 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)
14 Underestimated interest due (multiply line 12 by line 13)
PART IV: UNDERESTIMATED INTEREST & PENALTY DUE
15 Total penalty due (total of line 9, columns (a), (b),(c) and (d))
15
.
00
16 Total interest due (total of line 14, columns (a), (b),(c) and (d))
16
.
00
17 Total underestimated interest and penalty due
17
.
00
(line 15 plus line 16. Enter on Form 83-105, page 1, line 14
(corporations) or on Form 84-105, page 1, line 14 (composite
S corporations and composite partnerships only)

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