(a) An employee whose entire wages, salaries and other compensation for any taxable year will be subjected to the withholding provisions under Section 183.15 through 183.17 whose tax will accordingly be withheld as to his entire earnings for such year by his employer, and who during such taxable year expects to derive no other compensation, or other income which is subject to tax under this chapter, need not file a declaration as provided in this section.
(b) All other taxpayers (as defined in this chapter) subject to the taxes imposed in Section 181.03, and every taxpayer who anticipates any income or net profits not subject to total withholding as provided in the preceding paragraph, shall file with the Village Tax Administrator a declaration of his estimated tax as follows:
(1) On or before August 31, 1988, every such taxpayer shall file a declaration of his estimated tax for the taxable period beginning July 1, 1988, and ending December 31, 1988.
(2) A similar declaration shall be filed by each such taxpayer on or before the thirtieth day of April of each subsequent year during the life of the chapter, and each such declaration shall contain a statement of the taxpayer's estimated tax for the full taxable year in which such declaration is filed.
(3) Taxpayers who or which are permitted pursuant to the provisions of Section 183.10 to return and pay their tax upon fiscal year basis shall file their first declaration within four months after the beginning of the first fiscal year beginning after January 1, 1988, and the subsequent declaration for each year thereafter on or before the thirtieth day of the fourth month following the beginning of each such fiscal year.
(4) The estimated tax may be paid in full with the declaration or in equal installments on or before April 30, June 30, September 30 and December 31, the first filing being as of September 30, 1988. Those taxpayers on a fiscal year basis shall make quarterly payments on or before the thirtieth day of the fourth month and on or before the last day of the sixth, ninth and twelfth month following the beginning of such fiscal year. The first installment, equal to at least one-fourth, must accompany the declaration.
(5) The declarations so required shall be filed upon a form furnished by or obtainable from the Village Tax Administrator. Any taxpayer who has filed an estimate for Federal income tax purposes may, in making the declaration required hereunder, simply state therein that the figures therein contained are the same figures used by the taxpayer in making the declaration of his estimate for the Federal income tax. However, in addition to such statement, any such taxpayer may, in such declaration modify and adjust such declared income so as to exclude therefrom income which is not subject to tax under the chapter.
(6) Any estimate filed hereunder may be amended by the filing of an amended estimate at the time prescribed for the payment of any installment of tax paid in accordance with Section 183.19.
(Ord. 1195-88. Passed 4-11-88.)