(a) (1) A taxpayer whose entire wages, salaries, other compensation, net profits and/or other earnings for any taxable year will be subjected to the withholding provisions under this chapter, whose tax will accordingly be withheld as to his entire earnings for such a year, 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 by this Section.
(2) A declaration of estimated tax shall be filed by every taxpayer who reasonably may be expected to have taxable income earnings and/or net profits, the tax on which is not or will not be collected pursuant to Section 181.09, and who is not exempted from such filing requirement pursuant to subsection (a)(5) hereof.
(3) The declaration which is required to be filed pursuant to subsection (a)(2) hereof, in addition to such other matters as the Administrator may require in order to identify the declarant and verify the information set forth therein, shall set forth the taxpayer’s estimated income together with the estimated tax due thereon.
(4) A taxpayer’s final return, if required by Section 181.07, for the preceding taxable year may be used as the basis for computing the taxpayer’s declaration of estimated tax for the current taxable year. In the event that a taxpayer has not previously been required to file a return, the declaration of estimated tax shall be based on a good faith estimate of the taxpayer’s estimated income for the current taxable year; provided, however, that any declaration of estimated tax which reports less than eighty percent (80%) of the tax imposed on estimated income in the final return, or as determined by the Administrator to be imposed, shall conclusively be presumed not to have been filed in good faith.
(Ord. 1455. Passed 12-9-97.)
(Ord. 1455. Passed 12-9-97.)
(5) In the event that the estimated tax which otherwise would be reported on a declaration of estimated tax is less than three hundred dollars ($300.00) for the taxable year in question, a declaration of estimated tax need not be filed.
(Ord. 2008-9. Passed 6-24-08.)
(b) (1) A declaration of estimated tax, when required to be filed, shall be filed on or before April 15 of each year during the life of this chapter or within four (4) months of the date the taxpayer becomes subject to the tax for the first time, whichever is earlier.
(2) Taxpayers reporting on a fiscal year basis shall file a declaration within four (4) months after the beginning of each fiscal year or period.
(3) 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 this chapter.
(c) (1) Declarations of estimated tax shall be filed upon a form or forms furnished by, or obtained from the Administrator, and shall contain a statement of the taxpayer’s estimated tax for the full taxable year for which such declaration is filed. Any taxpayer who has filed an estimate for Federal Income Tax purposes may, in making his declaration required hereunder, simply state herein 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 this chapter.
(2) The original estimate of tax liability or any subsequent amendment thereof, as set forth in a declaration of estimated tax, may be increased or decreased by filing an amended declaration on or before a quarterly payment date, as set forth in subsection (d)(1) hereof, upon a form or forms furnished by or obtained from the Administrator.
(d) (1) The estimated tax which is reported in a declaration of estimated tax shall be paid in full with the declaration or in equal installments on or before the last day of the fourth (4th), sixth (6th), ninth (9th) and thirteenth (13th) month after the beginning of the taxable year in question.
(Ord. 2009-11. Passed 6-23-09.)
(2) EDITORS NOTE: Former subsection (d)(2) hereof was repealed by Ordinance 2008-9, passed June 24, 2008.
(3) In the event an amended declaration has been filed the unpaid balance shown due thereon shall be paid in equal installments over the remaining payment dates.
(e) The filing of a declaration of estimated tax does not relieve the taxpayer of the necessity of filing a final return even though there is no change in the declared tax liability.
(Ord. 1455. Passed 12-9-97.)