(a) Prior to January 1, 2003, such declaration of estimated tax to be paid to the City shall be accompanied by a payment of at least one-fourth (1/4) of the estimated annual tax. At least a similar amount shall be paid on or before the last day of the sixth (6th), ninth (9th), and twelfth (12th) month after the beginning of the taxable year. However, in case an amended declaration has been filed, the unpaid balances shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(ORd. 7464-02. Passed 5-6-02.)
(b) Beginning on January 1, 2003, all taxpayers who are individuals shall be required to remit payment of estimated taxes only in the amounts prescribed in subdivisions (i) through (iv), inclusive, of this division (b), subject to divisions (c) and (e)(i) and (ii) of this Section:
(1) Not less that twenty percent (20%) nor more than twenty-two and one-half per cent (22½%) of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the fifteenth (15th) day of April;
(2) Not less than forty-two percent (42%) nor more than forth-five percent (45%) of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the fifteenth (15th) day of July;
(3) Not less than sixty-five percent (65%) nor more than sixty-seven and one- half percent (67½%) of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the fifteenth (15th) day of October;
(4) Not less than eighty-five percent (85%) nor more that ninety percent (90%) of the taxpayer’s estimated tax liability for the previous year shall be remitted on or before the fifteenth (15th) day of January.
(Ord. 7683-05. Passed 2-7-05.)
(c) Any amount deducted and withheld for taxes from the compensation of an individual shall be considered as estimated taxes paid in equal amounts on each of the payment dates prescribed by division (b) of this Section.
(d) Beginning on January 1, 2003, all taxpayers who are not individuals shall be required to remit payment of estimated taxes only in the amounts prescribed in subdivisions (1) through (4), inclusive, of this division (d), subject to division (e)(3) of this Section:
(1) Not less that twenty percent (20%) nor more than twenty-two and one-half per cent (22½%) of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the day on which the annual tax return for the prior year is required to be filed disregarding any extension or, in the case of a fiscal year taxpayer, the fifteenth (15th) day of the fourth month of the taxpayer’s taxable year;
(2) Not less than forty-two percent (42%) nor more than forth-five percent (45%) of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the fifteenth (15th) day of June or, in the case of a fiscal year taxpayer, the fifteenth (15th) day of the sixth month of the taxpayer’s taxable year;
(3) Not less than sixty-five percent (65%) nor more than sixty-seven and one- half percent (67½%) of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the fifteenth (15th) day of September or, in the case of a fiscal year taxpayer, the fifteenth (15th) day of the ninth month of the taxpayer’s taxable year;
(4) Not less than eighty-five percent (85%) nor more that ninety percent (90%) of the taxpayer’s estimated tax liability for the previous year shall be remitted on or before the fifteenth (15th) day of December or, in the case of a fiscal year taxpayer, the fifteenth (15th) day of the twelfth month of the taxpayer’s taxable year.
(1) The taxpayer is an individual who resides in the City but was not domiciled there on the first day of January of the current calendar year;
(2) The taxpayer’s estimated tax liability is governed by division (b) of this Section; or
(3) The taxpayer has remitted, pursuant to division (d) of this Section, an amount at least equal to one hundred percent (100%) of the taxpayer’s tax liability for the preceding year as shown on the return filed by the taxpayer for the preceding year, provided that the return for the preceding year reflected a twelve-month period and the taxpayer filed a return for the preceding year.
(f) For purposes of this Section:
(1) “Estimated tax liability” means the amount that a taxpayer estimates to be the taxpayer’s income tax liability for a year prior to applying any credits, estimated tax payments, or withheld taxes for the year.
(2) “Fiscal year taxpayer” means a taxpayer that reports municipal income tax on the basis of a twelve-month period that does not coincide with the calendar year.
(Ord. 7464-02. Passed 5-6-02.)