(a) Except as provided in this section, every person shall file a declaration setting forth taxable income, including distributive shares of net profits or unincorporated business entities, estimated to be earned by the taxpayer during the current tax year, together with the estimated tax due thereon, less tax withheld within the Village of Silver Lake, and less the tax credit allowed in Section 171.34 unless the entire taxable income is subject to withholding within the Village pursuant to Section 171.17. If the estimated tax for the current year, less the tax to be withheld and less such tax credit, amounts to not more than one hundred dollars ($100.00), no declaration or payment of estimated tax is required.
(b) No penalties or interest shall be assessed on estimated payments if the taxpayer has remitted an amount equal to one hundred percent (100%) of the previous year’s tax liability, provided that the previous year reflected a twelve-month period, or if 90% of the actual liability has been received.
(Ord. 16-2005. Passed 2-7-05.)
(Ord. 16-2005. Passed 2-7-05.)