(A) Net profits.
(1) Every taxpayer making net profits shall on or before April 15, of the current year, make and file with the Collector on a form prescribed or approved by the Collector, a declaration of his or her estimated net profits during the period beginning January 1 and ending December 31, of the current year, and pay to the Collector in four equal quarterly installments the tax due thereon as follows: the first installment at the time of filing the declaration, and the other installments on or before June 15 of the current year, September 15 of the current year and January 15 of the succeeding year, respectively.
(2) Any taxpayer who first anticipates any net profit after April 15 of the current year, shall make and file the declaration hereinabove required on or before June 15 of the current year, September 15 of the current year or December 31 of the current year, whichever of these dates next follows the date on which the taxpayer first anticipates such net profit, and pay to the Collector in equal installments the tax due thereon on or before the quarterly payment dates which remain after the filing of the declaration.
(3) Every taxpayer required to file a declaration of estimated net profits and quarterly payments of tax due on such profits shall, on or before April 15, of the succeeding year, make and file with the Collector on a form prescribed or approved by the Collector a final return showing the amount of net profits earned during the period beginning January 1 of the current year and ending December 31, of the current year, the total amount of tax due thereon and the total amount of tax paid thereon. At the time of filing the final return, the taxpayer shall pay to the Collector the balance of tax due or shall make demand for refund or credit in the case of overpayment.
(4) Any taxpayer may, in lieu of paying the fourth quarterly installment of his or her estimated tax, elect to make and file with the Collector on or before January 31 of the succeeding year, the final return as hereinabove required.
(5) The Collector is authorized to provide by regulation for the making and filing of adjusted declarations of estimated net profits, and for the payments of the estimated tax in cases where a taxpayer who has filed the declaration hereinabove required anticipates additional net profits not previously declared or finds that he or she has overestimated his or her anticipated net profits.
(6) Every taxpayer who discontinues business prior to December 31, of the current year, shall, within 30 days after the discontinuance of business, file his or her final return as hereinabove required and pay the tax due.
(B) Earned income.
(1) Annual earned income tax return. Every taxpayer shall, on or before April 15, of the succeeding year, make and file with the Collector on a form prescribed or approved by the Collector a final return showing the amount of earned income received during the period beginning January 1 of the current year and ending December 31 of the current year, the total amount of tax due thereon, the amount of tax paid thereon, the amount of tax thereon that has been withheld pursuant to the provisions relating to the collection at source and the balance of tax due. At the time of filing the final return, the taxpayer shall pay the balance of the tax due or shall make demand for refund or credit in the case of overpayment.
(2) Earned income not subject to withholding. Every taxpayer who is employed for a salary, wage, commission or other compensation and who received any earned income not subject to the provisions relating to collection at source, shall make and file with the Collector on a form prescribed or approved by the Collector, a quarterly return on or before April 30 of the current year, July 31 of the current year, October 31 of the current year and January 31, of the succeeding year, setting forth the aggregate amount of earned income not subject to withholding by him or her during the three-month periods ending March 31 of the current year, June 30 of the current year, September 30 of the current year and December 31 of the current year, respectively, and subject to the tax, together with such other information as the Collector may require. Every taxpayer making such return shall, at the time of filing thereof, pay to the Collector the amount of tax shown as due thereon.
(Ord. 1002, passed 4-23-1996)