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CALCULATION OF THE ESTIMATED TAX PAYMENT DUE EACH QUARTER

If you know the amount of quarterly estimated tax to be paid, write the amount in the estimated tax due box of Form CF-

1040ES, Declaration of Estimated Income Tax, for the first quarter, or in the estimated tax due box of Form CF-1124,

Quarterly Estimated Tax Payment Voucher, for the remaining quarters.

AMENDED DECLARATION

If, after you have filed a Declaration, you find that your estimated tax is substantially increased or decreased as a result of

a change in income or exemptions, you may amend your estimate at the time of making any quarterly payment with Form

CF-1124 by adjusting the quarterly payment due.

LATE PAYMENT OR UNDERPAYMENT OF ESTIMATED INCOME TAX

If you fail to make the required quarterly estimated tax payments, underpay or pay late, interest and penalty may be

charged. The interest rate is 1 percent above the prime rate. The interest rate is adjusted on January 1 and July 1 each

year. The penalty rate is one percent per month.

INTEREST AND PENALTY

If the total amount of tax withheld, tax credits and estimated tax paid is less than seventy percent (70%) of the tax due for

the current or previous year, interest and penalty will be charged. The filing of a declaration of estimated tax does not

excuse the taxpayer from filing an annual income tax return even though there is no change in the declared tax liability.

INCOME SUBJECT TO CITY INCOME TAX

A. Residents:

All salaries, wages, bonuses, commissions and other compensation; net profits from business or

profession; net rental income; capital gains less capital losses; interest and dividends; income from estates and trusts;

and other income.

B. Nonresidents: Salaries, wages, bonuses, commissions and other compensation for services rendered or work

performed in the city; net rental income from property located in the city; net profits from a business, profession or

other activity to the extent that it is from work done, services rendered or activity conducted in the city; capital gains

less capital losses from the sale of real or tangible personal property located in the city.

WITHHOLDING TAX AND OTHER TAX CREDITS

A. Withholding Tax: You may subtract from your estimated income tax the amount of income tax expected to be

withheld for the city.

B. Income Tax Paid by Partnership: If you are a member of a partnership which elects to file a return and pay the tax

on behalf of its partners, you may subtract from your estimate of city income tax, the amount of tax expected to be

paid by the partnership for your distributive share of net profits.

C. Income Tax Paid to Another Municipality: Residents of who pay income tax to another municipality on income

earned outside the city may subtract from their estimate of income tax the amount of income tax expected to be paid

to the other municipality. The credit may not exceed the amount of tax assessable under the city’s Income Tax

Ordinance on the same income of a nonresident.

PAYMENT RECORD FOR TAX YEAR __________

(Keep this for your records.)

PAYMENT

DATE PAID

CHECK NUMBER

ESTIMATED TAX PAID

FIRST QUARTER

PAYMENT

SECOND QUARTER

PAYMENT

THIRD QUARTER

PAYMENT

FOURTH QUARTER

PAYMENT

TOTAL ESTIMATED TAX PAYMENTS

Make remittances payable to:

Treasurer, City of (name of city).

Mail estimated tax forms and payments to:

(List address where payment is to be sent.)

Instructions For Form Cf-1040es, Cf-1124 - Declaration Of Estimated Income Tax, Quarterly Estimated Income Tax Payment Vouchers Page 2

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