(a) Every person who anticipates any taxable income which is not subject to Section 181.05 hereof, or who engages in any business, profession, enterprise or activity including rental property subject to the tax imposed by Section 181.02 hereof, and whose tax on such income amounts to one hundred dollars ($100.00) or more, shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity together with the estimated tax due thereon, if any; provided, however, if a person’s income is wholly from qualifying wages from which the tax will be withheld and remitted to the Village of Cardington in accordance with Section 181.05 hereof, such person need not file a declaration.
(b) Residents of the Village who are employed by an employer located in another municipality, where the tax being withheld and paid to such other municipality is based on a rate less than the tax rate of the city, must file a declaration setting forth the difference in tax due, if such tax is one hundred dollars ($100.00) or more, and must make quarterly payments to the Village of Cardington in accordance with subsection (e) hereof.
(c) Filing of Declarations.
(1) Such declaration shall be filed on or before April 15 of each year during the life of this chapter or within one hundred five (105) days of the date the taxpayer becomes subject to tax for the first time.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth (15th) day of the fourth (4th) month after the beginning of each fiscal year or period accompanied by a payment equal to one-fourth of the estimated annual tax, if such tax amounts to one hundred dollars ($100.00) or more, shown to be due thereon, and shall make quarterly payments of equal amounts according to subsection (e) hereof.
(3) Such declaration shall be filed upon a form furnished by, or obtainable from the Director, provided, however, credit shall be taken for the Village of Cardington tax to be withheld from any portion of such income. In accordance with the provision of Section 181.14 hereof, credit may be taken for tax to be paid to or to be withheld and remitted to another taxing municipality.
(4) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided for herein.
(d) For tax years prior to January 1, 2003, such declaration of estimated tax to be paid the Village of Cardington shall be accompanied by a payment of at least one-fourth (1/4) of the estimated annual tax and at least a similar amount shall be paid on or before the last day of the seventh, tenth, and thirteenth months after the beginning of the taxable year. Provided, however, that in case an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(e) Beginning January 1, 2003, the Declaration of Estimated Tax to be paid the Village by taxpayers who are individuals shall be accompanied by a payment of at least one-fourth (1/4th) of the Declaration amount and at lease a similar amount shall be paid on or before July 31st and October 31st of the taxable year and January 31st of the following year.
(f) Beginning January 1, 2003, such Declaration of Estimated Tax to be paid to the Village by corporations and associations shall be accompanied by a payment of at least on-fourth (1/4th) of the Declaration amount and at least a similar amount shall be paid on or before June 15th, September 15th, and December 15th. In the case of a fiscal year taxpayer the second, third, and fourth quarterly estimated payments shall be due on the fifteenth (15th) day of the sixth (6th), ninth (9th), and twelfth (12th) months of the taxable year, respectively. Estimated payments shall be required only on a quarterly basis, and shall be required only in the following amounts no earlier than the following dates:
(1) For individuals, not more than 22 ½ % of the estimated annual tax liability (prior to applying any credits, estimated tax payments, or withheld taxes) by April 30, 45% by July 31, 67 ½ % by October 31, and 90% by January 31;
(2) For calendar year taxpayers that are not individuals, 22 ½ % by the taxpayer’s federal return filing date, 45% by June 15, 67 ½ % by September 15, and 90% by December 15; and
(3) For fiscal year taxpayers that are not individuals, 22 ½ % by the 15th day of the fourth month of the taxpayers’ taxable year, 45% by the 15th day of the 6th month, 67 ½ % by the 15th day of the ninth month, and 90% by the 15th day of the 12th month.
(g) Any amount deducted and withheld for taxes from an individual’s compensation is considered as estimated taxes paid in equal amounts on the act’s prescribed payment dates.
(h) The Village of Cardington shall not penalize a taxpayer for the late payment or nonpayment of estimated taxes (by charging a penalty, interest, or similar charge) if the taxpayer pays estimated taxes equal to the taxpayer’s reported tax liability for the preceding year (as long as the preceding year consisted of twelve months and the taxpayer actually filed a return for that year). Nor may a taxpayer be penalized for the late payment or nonpayment of estimated taxes if the taxpayer is a resident individual who was not domiciled in the municipal corporation on January 1 of the year in which the taxpayer first became subject to estimated payments.
(i) On or before the last day of the fourth month of the year following that for which such declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due the Village of Cardington shall be paid therewith in accordance with the provisions of Section 181.04. (Ord. 2005-27. Passed 11-7-05.)