Enlarge image | Income Tax Department 601 Avenue A, Springfield, MI 49037-7774 Phone 269-965-8324 Fax 269-965-8211 www.springfieldmich.com E-Mail: incometax@springfieldmich.com ARE YOU REQUIRED TO PAY WHO MUST PAY ESTIMATED TAX QUARTERLY: ESTIMATED TAX FOR 2020? INDIVIDUALS AND UNINCORPORATED BUSINESS: If you are a resident or non-resident and expect taxable income from which City Do you expect to owe of Springfield income tax will not be withheld by an employer, you must file and $100.00 ($250.00 for pay estimated tax. If you estimate your tax to be $100.00 or less, you do not Corporations) or more for have to pay estimated tax. A husband and wife may file and pay joint estimated 2020 after subtracting tax. income tax withholdings and credits from your total CORPORATIONS: tax? (Do not subtract any Every corporation subject to the City of Springfield income tax must file and pay estimated tax payments). estimated tax on all or part of its net income if the estimated tax is $250.00 or more. If you answered yes, go to the next question. PARTNERSHIPS: A partnership whose partners are subject to the City of Springfield income tax Do you expect your income on all or part of the distributive share of net profits, may file and pay estimated tax withholdings and credits tax with the City as a partnership. The partners will not be required to file as to be at least 70% of the tax individuals unless they have other income in which the Springfield income tax is shown on your 2020 tax expected to exceed $100.00. return? PENALTY AND INTEREST: If you answered yes, you If the total amount of tax paid by January 31 stis less than 70% of last year’s tax are not required to make return or this year’s total tax, penalty and interest will be charged. estimated tax payments for 2020. NOTE: The payment of estimated tax does not excuse the taxpayer from filing an annual tax return. If you answered No, you are required to FILING AND PAYMENTS make estimated tax Vouchers may be obtained from the Income Tax Department or visit our web payments for 2020. page (address above). The estimated tax may be paid in full with the first voucher or paid in four (4) equal installments. See work sheet on Penalty and interest will beassessed if payment is not received on time. reverse side. First Quarter Due by April 30, 2020 Second Quarter Due by June 30, 2020 Third Quarter Due by September30,2020 Fourth Quarter Due by January 31, 2021 HOW TO CALCULATE YOUR ESTIMATED INCOME TAX: INDIVIDUAL OR UNINCORPORATED BUSINESS: Estimate the total amount of your expected gross income. Subtract allowed exemptions & deductions. Multiply the remainder by 1% (.01) for residents and ½% (.005) for non–residents. CORPORATIONS: Net allocated income times 1% (.01). PARTNERSHIPS: The liability for a RESIDENT PARTNER is 1% (.01) of their entire distributive share of net profits regardless of where the activity of the partnership is conducted. NON-RESIDENT PARTNER tax rate is ½% (.005) based on the distributive share of City of Springfield income. |
Enlarge image | Clear Form Print ESTIMATED TAX PAYMENT WORKSHEET 1. Gross annual income expected OR 1. Enter 70% of your 2019 Springfield tax liability on line 5 and skip lines 2, 3 & 4 2. Allowable subtractions 2. 3. Exemptions (number of exemptions you will be claiming x $750.00 3. 4. Adjusted income subject to Springfield tax (line 1 less lines 2 & 3) 4. 5. Estimated income tax 1% (.01) for residents or ½% (.005) for non-residents 5. 6. (a) Amount of Springfield income tax expected to be withheld 6.(a) (b) Overpayment credited to this year (b) (c) Credit for a tax liability paid to another MICHIGAN (c) municipality or by a partnership (d) Total (add lines 6 (a), (b) and (c) and enter here 6(d). 7. Annual estimated tax (line 5 less line 6(d)) 7. Note: If line 7 is $100.00 or less ($250.00 for Corporation) estimated tax payments are not required. 8. Amount to be paid quarterly. (Divide the amount on line 7 by the number 4) 8. RECORD OF ESTIMATED TAX PAYMENTS Vouchers Date Due Date Paid Check Number Total Paid This Quarter Total Paid To Date First Quarter 04/30/2020 Second Quarter 0 /3 /206 0 20 Third Quarter 09 30 2020/ / Fourth Quarter 01/31/2021 Total: |