Form Sc1041es - Declaration Of Estimated Tax For Fiduciaries Page 2
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5WORKSHEET AND RECORD
OF ESTIMATED TAX PAYMENT
HOW TO COMPUTE ESTIMATED TAX (Nonresident - see special instructions below.)
Below is the Estimated Tax worksheet with the tax computation schedule for computing estimated tax. Use the 2011 income tax return as a guide for
figuring the estimated tax.
NONRESIDENT - SPECIAL INSTRUCTIONS
Use the 2011 SC1041 Part III as a basis for determining the income from South Carolina sources subject to estimated tax. Use the Tax Computation
Schedule. Enter the estimated tax on line 4 of the worksheet. Withhold 7% of income from South Carolina sources payable to nonresident
beneficiaries. Enter the estimated tax to be withheld on line 9. Withholding of tax on income from South Carolina sources is not applicable to
nonresident beneficiaries whose income is exempt from withholding by affidavit. See Affidavit Form I-41.
2012 ESTIMATED TAX WORKSHEET
1. Enter amount of federal taxable income from the 2012 federal Form 1041ES, line 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
$
2. SC adjustments (plus or minus). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
$
3. South Carolina taxable income (line 1 plus or minus line 2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
$
4. Tax (Figure the tax on line 3 by using the Tax Computation Schedule in these instructions.) . . . . . . . . . . . . . . . . . . . . . . . . .
4.
$
5. Enter any additional tax (SC4972 and/or I-335) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
$
6. Add lines 4 and 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
$
7. Credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
$
8. Subtract line 7 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
$
9. Enter 7% of estimated income from South Carolina sources payable to nonresident beneficiaries. . . . . . . . . . . . . . . . . . . . .
9.
$
(See special instructions.)
10. Estimated Tax (Add lines 8 and 9.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
$
11. State income tax estimated to be withheld during the entire year 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
$
12. Balance estimated tax (subtract line 11 from line 10.) If $100.00 or more, complete and file the payment voucher along
with the payment; if less, no payment is required at this time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
$
Caution:
Fiduciaries are required to prepay at least 90% of their tax liability each year.* If less than 90% of the actual
tax liability is prepaid, the fiduciary may be subject to a penalty. To avoid this, make sure the estimate is as
accurate as possible.
13. If the first payment required to file is:
of line 12 (less any 2011
}
Due April 17, 2012, enter 1/4.
overpayment applied to 2012
Due June 15, 2012, enter 1/2
estimated tax) here and on
Due September 17, 2012 enter 3/4
your payment voucher . . . . . . . . . . . . . 13. $
Due January 15, 2013 enter amount
* not applicable to estates for the first two tax years after the decedent's death.
2012 Tax Computation Schedule
for South Carolina Residents and Nonresidents
Example of computation
TAX COMPUTATION SCHEDULE
If the amount on line 3 of worksheet is:
Compute the tax as follows:
South Carolina income subject to tax on line 3 of worksheet is $15,240.
The tax is calculated as follows:
BUT NOT
OVER --
OVER--
--0--
$15,240 income from line 3 of worksheet
$0
$2,800
0% Times the amount
X
.07 percent from tax computation schedule
2,800
5,600
3% Times the amount less $ 84
1,067 (1,066.80 rounded to the nearest whole dollar)
5,600
8,400
4% Times the amount less $ 140
-
476 subtract amount from tax computation schedule
8,400
11,200
5% Times the amount less $ 224
$
591
11,200
14,000
6% Times the amount less $ 336
14,000+
or more
7% Times the amount less $ 476
$591 is the amount of tax to be entered on line 4 of worksheet
RECORD OF ESTIMATED TAX PAYMENT
Overpayment
Voucher 1
Voucher 2
Voucher 3
Voucher 4
Total All
Credit on
Columns
2011 Return
Date
Amount
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