80-320 Form Mississippi Individual Income Tax Interest And Penalty Worksheet
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Form 80-320-16-8-1-000 (Rev. 4/16)
Mississippi
Print Form
Individual Income Tax
Interest and Penalty Worksheet
Taxpayer First Name
Initial
Last Name
SSN
Initial Last Name
Spouse First Name
Spouse SSN
Mailing Address (Number and Street, Including Rural Route)
Farmers or Fishermen
(see instructions)
City
State
Zip
County Code
Filing Requirements Met After Due Date
(see instructions)
INTEREST ON UNDERPAYMENT OF ESTIMATED TAX
CALCULATION OF ESTIMATE PAYMENT
.
1
2016 Mississippi income tax liability
(see instructions)
1
00
.
2
Multiply the amount on line 1 by 80% and enter the result
2
00
.
3
2015 Mississippi income tax liability
(see instructions)
3
00
.
4
Enter the lesser of line 2 or line 3
(see instructions)
4
00
A
B
C
D
INTEREST CALCULATION
Apr. 15, 2016
June 15, 2016
Sept. 15, 2016
Jan. 15, 2017
5
Required installements Enter 1/4th (.25) of line 4 in columns A
through D)
6
Income tax withheld (column (A) only) and estimated tax paid
(enter total estimated tax paid as of payment due dates in columns
A through D. Income tax withheld is entered in column A only.
7
Overpayment (negative) or underpayment (positive) - carryforward
(from line 8) any overpayment or underpayment from previous
column(s) line 8.
8
Underestimate subject to interest (line 5 minus line 6 plus line 7);
enter result here and on line 7, columns B through D.
9
Enter percentage of interest (compute interest at 7/10 of 1% per
month from payment due date until paid or next payment due
date, whichever is earlier)
10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter
zero)
.
11 Total underestimate interest due (enter the total of line 10,
11
00
columns A through D)
LATE FILING PENALTY
.
12 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205
12
00
(Non-Resident/Part-Year), page 1, line 35 or Form 80-110 (EZ), line 18)
13 Late filing penalty (5% per month not to exceed 25% on amount of tax due, line 12,
.
13
00
minimum $100; see instructions)
LATE PAYMENT INTEREST AND PENALTY
.
14 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205 (Non-Resident/
14
00
Part-Year), page 1, line 35 or Form 80-110 (EZ), line 18))
.
15 Late payment interest (compute interest at 7/10 of 1% per month on the amount of tax due,
15
00
line 14; see instructions)
.
16 Late payment penalty (compute penalty at 1/2% per month not to exceed 25% on the amount
16
00
of tax due, line 14; see instructions)
17 Total late payment interest and penalty (line 15 plus line 16)
.
17
00
TOTAL LATE PAYMENT INTEREST AND PENALTY
.
18 Total interest and penalty (line 11 plus line 13 and line 17) Enter here and on Form 80-105, line 35,
18
00
Form 80-205, line 36 or Form 80-110, line 19.
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