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 |