A. Net profits.
(1) Every taxpayer who reasonably expects that he will earn any taxable net profits during the period between January 1, 2013, and December 31, 2013, and thereafter, from year to year, shall, on or before April 15, 2013, and April 15 of each succeeding year, make and file with the Income Tax Officer, on a form prescribed by the Income Tax Officer, a declaration of his estimated net profits for the period beginning January 1, 2013, and ending December 31, 2013, and thereafter in each succeeding year between January 1 and December 31, setting forth the estimated amount of net profits reasonably expected by him for such period and subject to the tax, the amount of estimated tax imposed by this article on such estimated net profits, and such other relevant information as the Income Tax Officer may require. The taxpayer making the declaration shall, at the time of filing thereof, pay the City one-fourth of the estimated tax shown as due thereon and such taxpayer shall thereafter pay one-fourth of the estimated tax in each of three installments, as follows: one installment on or before June 15, 2013, one installment on or before September 15, 2013, and the last installment on or before January 15, 2014, and thereafter, from year to year, on June 15, September 15 and January 15, in each succeeding year.
(2) A person who on April 15, 2013, did not reasonably expect that he would earn any taxable net profits during the period between January 1, 2013, and December 31, 2013, and who, subsequent to April 15, 2013, reasonably expects that he will earn taxable net profits on or before December 31, 2013, shall make and file on or before June 15, 2013, September 15, 2013, or January 15, 2014, and thereafter, from year to year, on June 15, September 15, and January 15, respectively, in each succeeding year, whichever of these dates next follows the date on which the taxpayer first reasonably expects such net profits, a declaration similar to that required under Subsection A(1) hereof. The taxpayer making the declaration shall, at the time of filing thereof, pay to the City the estimated tax shown as due thereon; provided, however, that the taxpayer shall have the right to pay the estimated tax in equal installments on or before the quarterly installment payment dates which remain after the filing of the declaration.
(3) The Income Tax Officer is hereby authorized to provide by regulations, approved by Council, 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 shall thereafter either reasonably expect additional net profits not previously declared or find that he has overestimated his net profits.
(4) On or before April 15, 2014, and April 15 thereafter, from year to year, every taxpayer who has earned taxable net profits shall make and file with the Income Tax Officer a final return showing all of such net profits for the period beginning January 1, 2013, and ending December 31, 2013, and periods thereafter, year to year, the total amount of tax due, the amount of estimated tax paid under the provisions of this section and the balance due. When the return is made for a fiscal year different from the calendar year, the return shall be made within 105 days from the end of such fiscal year. The percentage of the total net profits of any calendar or fiscal year of a taxpayer beginning or ending within the period beginning January 1, 2013, and ending December 31, 2013, to which the tax imposed by this article shall be applicable shall be equal to the same percentage of such total net profits as the number of days in any such year within such period bears to the total number of days in any such year. 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.
(5) Every taxpayer who discontinues business prior to December 31, 2013, or prior to December 31 in any succeeding year while this article is in force and effect, shall, within 30 days after the discontinuance of business, file his final return as hereinabove required and pay the tax due, or demand refund or credit in the case of overpayment.
B. Salaries, wages, commission and other compensation.
(1) Every taxpayer employed on a salary, wage, commission or other compensation basis and who reasonably expects to earn any taxable earnings not subject to the provisions of § 549-1004 relating to the collection at source, shall, on or before April 15, 2013, make and file with the Income Tax Officer a declaration of his estimated total amount of taxable salaries, wages, commissions and other compensation for the period beginning January 1, 2013, and ending December 31, 2013, the estimated amount of the tax thereon that will be deducted therefrom pursuant to § 549-1004, the estimated amount of tax imposed by this article that will not be deducted therefrom pursuant to § 549-1004, and such other relevant information as the Income Tax Officer may require. In preparing a declaration of estimated taxable salaries, wages, commissions and other compensation taxable under this article, the taxpayer shall use the same amounts with respect to such items as he shall have used in preparing his declaration of estimated tax for the year 2013 for federal income tax purposes, if such taxpayer shall be required to file any such last-mentioned declaration.
(2) A person who on April 15, 2013, did not reasonably expect that he would earn any salaries, wages, commissions and other compensation not subject to the provision of § 549-1004 relating to the collection at source, during the period between January 1, 2013, and December 31, 2013, and who subsequent to April 15, 2013, reasonably expects that he will earn salaries, wages, commissions and other compensation not subject to the provisions of § 549-1004, on or before December 31, 2013, shall make and file on or before June 15, 2013, September 15, 2013, or January 15, 2014, and thereafter from year to year in each succeeding year on June 15, September 15 and January 15, respectively, whichever of these dates next follows the date on which the taxpayer first reasonably expects that he will earn such salaries, wages, commissions and other compensation, a declaration similar to that required under Subsection B(1) hereof. The taxpayer making the declaration shall, at the time of filing thereof, pay to the City the estimated tax shown as due thereon; provided, however, that the taxpayer shall have the right to pay the estimated tax in equal installments on or before quarterly installment payment dates which remain after the filing of the declaration.
(3) The Income Tax Officer is hereby authorized to provide by regulations approved by Council for the making and filing of adjusted declarations of estimated salaries, wages, commissions and other compensation, and for the payments of the estimated tax in cases where a taxpayer who has filed the declaration hereinabove required shall thereafter either reasonably expect additional salaries, wages, commissions and other compensation not previously declared, or find that he has overestimated his salaries, wages, commissions and other compensation.
(4) On or before April 15, 2014, every taxpayer who has received taxable salaries, wages, commissions and other compensation shall make and file with the Income Tax Officer, a final return showing all such salaries, wages, commissions and other compensation earned during the period beginning January 1, 2013, and ending December 31, 2013, the total amount of tax due thereon, the amount, if any, of estimated tax thereon paid under the provisions of this section, and the amount, if any, of tax thereon that has been withheld pursuant to the provisions of § 549-1004 and the balance of tax due.
C. 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.