26 CAR pt. 66, Appendix A
26 CAR pt. 66, Appendix A. Annex 1 - Prior Year Tax Liability
Length: 136 wordsOfficial source
Annex 1
Prior Year Tax Liability is $100
Quarter
Normal
Estimated
Payment
Tax Credits
Purchased
Estimated
Payment
Made
1
$ 25
0
25
2
25
2
23
3
25
27
0
4
25
0
23
Total
100
29
71
If actual gross
tax liability
(before
application of
credits) at year
Estimated Tax
end winds up
Tax Credit
Net Tax
Payments
Refund/
being:
Applied
Liability
Made
(Tax. Due)
100
- 29
= 71
71
0
90
- 29
= 61
71
10
50
- 29
= 21
71
50
10
- 10*
= 0
71
71
105
- 29
= 76
71
(5)
135
- 29
= 106
71
(35)**
*
Credits can only be applied to the extent of the liability.
**
Penalties and interest would be due since 71 is less than 90% of 106.