Corporate Tax Estimates

CORPORATIONS

Corporations with less than $1,000,000 in taxable income in any of the three prior years are allowed to base their estimated tax payments on their prior year liability.  Each quarterly payment should be 1/4 of the prior year liability to avoid underpayment penalties.  Large corporations should base their quarterly payments on 1/4 of their annualized current year estimated tax liability.  Corporations with net operating losses should follow the large corporation rules.

Estimated tax payments are due on the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's fiscal year.

If taxable income is:

 

Over- But not over- Tax is-   Of the amount over-
$0 $50,000   15% $0
50,000 75,000 $7,500 +25% 50,000
75,000 100,000 13,750 +34% 75,000
100,000 335,000 22,250 +39% 100,000
335,000 10,000,000 113,900 +34% 335,000
10,000,000 15,000,000 3,400,000 +35% 10,000,000
15,000,000 18,333,3333 5,150,000 +38% 15,000,000
18,333,333     +35% 0