(a) Net Profits.
(1) Every taxpayer who anticipates any net profits shall on or before April 15, of the current 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 in the period beginning January 1, of the current year and ending December 31, of the current year and on the same dates with respect to any succeeding calendar year; setting forth the estimated amount of net profits anticipated by him during the period and subject to the tax, the amount of tax imposed by this article on such estimated net profits, and such other information as the income tax officer may require. The taxpayer making the declaration shall, at the time of filing thereof, pay to the income tax officer the estimated amount of tax shown as due thereon. Provided, however, that the taxpayer shall have the right to pay the estimated tax in four quarterly installments as follows: The first installment at the time of filing the declaration on or before April 15, of the current year, and the other installments on or before July 15, of the current year, October 15, of the current year and January 15, of the next calendar year, respectively.
(2) Any taxpayer who first anticipates any net profits after April 15, of the current year, shall make and file the declaration herein above required on or before July 15, of the current year, October 15, of the current year or January 15, of the next calendar year and on the same dates with respect to any succeeding calendar year, whichever of these dates next follows the date on which the taxpayer first anticipates such net profits. The taxpayer making the declaration shall, at the time of filing thereof, pay to the income tax officer the estimated amount of 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 regulation for the making and filing of adjusted declarations of estimated net profits, and for the payment 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 has overestimated his anticipated net profits.
(4) On or before March 15, of the next calendar year every taxpayer who has received net profits shall make and file with the income tax officer, on a form prescribed by him, a final return under oath or solemn affirmation, showing all of his net profits for the period beginning January 1, of the current year and ending December 31, of the current year and on March 15, of the next calendar year or any succeeding caendar year, the total amount of tax due, the amount of estimated tax paid under the provisions of this section, and the balance due. Provided, however, that any taxpayer may, in lieu of paying the fourth quarterly installment of his estimated tax, elect to make and file with the income tax officer, on or before January 15, of the next calendar year the final return as hereinabove required. 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, of the current year will pay the tax due or on the same date with respect to any succeeding calendar year during which the taxpayer may discontinue business prior to December 31, of that year, within fifteen days after the discontinuance of business, file his final return as hereinabove required and pay the tax due.
(b) Salaries, Wages, Commissions, Bonuses, Incentive Payments, Fees, Tips and Other Compensation. Every taxpayer who is employed on a salary, wage, commission, bonus, incentive payment, fee, tip or other compensation basis, and who receives any earnings not subject to the provisions of Section 345.04 relating to the collection at source, shall on or before April 15, of the current year, make and file with the income tax officer, on a form prescribed by the income tax officer, a return, under oath or solemn affirmation, setting forth the aggregate amount of salaries, wages, commissions, bonuses, incentive payments, fees, tips and other compensation earned by him during the three month period ending March 31, of the current year and subject to the tax, together with such other information as the income tax officer may require. He shall also, on or before July 15, of the current year, October 15, of the current year and January 15, of the next calendar year, make and file with the income tax officer, on a form prescribed by the income tax officer, a return under oath or solemn affirmation, setting forth the aggregate amount of salaries, wages, commissions, bonuses, incentive payments, fees, tips and other compensation earned by him during the three month periods ending June 30, of the current year, September 30, of the current year and December 31, of the current year respectively, and on the same dates with respect to any succeeding calendar year, and subject to the tax, together with such other information as the income tax officer may require. Every taxpayer making such return shall, at the time of filing thereof, pay to the income tax officer the amount of tax shown as due thereon. (Ord. 940. Passed 11-28-66.)