If you are a business owner or self-employed individual living in North Carolina, you are required to file an estimated tax payment each quarter. The Nc Estimated Tax Payment Form is used to report and pay your estimated taxes. Use this form to calculate and submit your estimated tax payments for the current year. Be sure to file on time to avoid penalty fees. For more information, consult the North Carolina Department of Revenue website.
Below, you'll see a number of particulars about nc estimated tax payment PDF. Before you fill in the form, it is usually definitely worth reading through more details on it.
Question | Answer |
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Form Name | Nc Estimated Tax Payment |
Form Length | 2 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 30 sec |
Other names | nc estimated tax, nc 40 form, form nc 40, north carolina estimated tax payments 2020 |
Individual Estimated Income Tax |
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North Carolina Department of Revenue |
Instructions |
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“Estimated Income Tax” is the amount of income tax you expect to owe for the year after subtracting the amount of tax you expect to have withheld and the amount of any tax credits you plan to claim.
Who Must Make Estimated Income
Tax Payments
You should make estimated income tax payments if the tax due on your individual tax return, reduced by the amount of tax withheld and tax credits, will be $1,000 or more.
You should estimate your income tax carefully to avoid having to pay a large balance when you ile your income tax return (Form
underpayment of estimated income tax (see discussion on Interest for Failure to Pay Your Estimated Income Tax). You may find it convenient to increase your withholding tax to avoid paying estimated income tax. If you do choose to increase the amount withheld, you should make sure the balance due on your income tax return will be less than $1,000.
When To Pay Your Estimated Income Tax
Generally you must make your irst estimated income tax payment by April 15. You must either pay all of your estimated income tax at that time or pay in four equal amounts on or before April 15, June 15, September 15 and January 15 of the following year. When the due date for the estimated income tax payment falls on a Saturday, Sunday or holiday, the payment is due on or before the next business day.
Although a payment of estimated income tax may not be due on April 15 based on your situation at that time, your expected income or exemptions may change so that a payment is due at a later date. In such cases, the payment dates are as follows:
If requirement is met after: Payment date is:
June 15 |
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September 15 |
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January 15 |
If the first estimated income tax payment you are
required to make is due after April 15, or if you are required to change your payments after paying the irst installment, you should pay the remaining installments
as follows:
If the installment is due-
June 15: pay 1/2 of the balance of the net estimated income tax at that time, 1/4 of the balance on September 15 and the remaining 1/4 on January 15.
September 15: pay 3/4 of the balance of the net estimated income tax at that time and the remaining 1/4 on January 15.
If you ile your income tax return (Form
Farmers and Fishermen
If at least
from farming (including oyster farming) or commercial ishing, your estimated income tax may be paid at any time on or before January 15 of the following year. If your income tax return (Form
to make an estimated income tax payment.
Fiscal Year
If your income is reported on a iscal year basis, your due dates are the 15th day of the 4th, 6th and 9th months of your iscal year, and the irst month of the following iscal year. For more information on how to complete the Form
Interest for Failure to Pay Your
Estimated Income Tax
You may owe interest for underpayment of estimated income tax or for not making payments on time. Interest
will not be due if each installment payment is timely and equals
month in which the installment is due.
Underpayment interest will not be due if you had no tax liability for the previous year.
Compute underpayment interest on Form
may obtain the form by writing the N.C. Department of Revenue, Post Ofice Box 25000, Raleigh, North Carolina
Completing the Estimated Income
Tax Form
The instructions that follow will help you complete the forms correctly.
(1)First complete the worksheet on Page 2 to determine your estimated income tax for the tax year.
(2)Enter your name, address, and social security
number in the space provided on the form. If you intend to ile a joint income tax return, please enter your name and social security number and your spouse’s
name and social security number on the form. Enter in the applicable box the year for which the payment is
intended. Fiscal year taxpayers enter the beginning and ending dates of the iscal year in the boxes provided.
(3)Enter
(4)Detach the form at the perforations.
(5)Make your check or money order payable to the N.C. Department of Revenue. Pay in U. S. currency only.
Please do not send cash.
(6)Enter your social security number on your check or money order.
(7)Mail the completed estimated income tax form
Revenue, Post Ofice Box 25000, Raleigh, North
Carolina
(8)To insure proper credit, please do not fold the form or the payment. Do not staple, tape, or otherwise attach your payment to the form.
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Continued on page 2 |
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Cut and mail original form to: |
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N.C. Department of Revenue, P.O. Box 25000, Raleigh, NC |
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Individual Estimated Income Tax |
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North Carolina Department of Revenue |
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For calendar year |
or iscal year: |
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Complete spouse’s information if you and your spouse plan to ile a joint return. |
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Your Social Security Number |
Spouse’s Social Security Number |
Beginning |
Ending |
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Your First Name |
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M.I. |
Spouse’s First Name |
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M.I. |
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Your Last Name |
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Spouse’s Last Name |
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$
Amount of this Payment
, ,.00
Address |
Apartment Number |
City |
County (Enter irst 5 letters) |
State |
Zip Code |
Country (If not U.S.)
Mail this form with your check or money order in U.S. currency to:
N.C. Department of Revenue, P.O. Box 25000, Raleigh, N.C.
Page 2
Web
Worksheet for Computation of Estimated N.C. Income Tax
1. Estimated Federal Adjusted Gross Income |
1. |
2.Estimated Additions to Federal Adjusted Gross Income
(See Individual Income Tax Instructions for Form |
2. |
3. Add Lines 1 and 2 and enter the total |
3. |
4.Estimated Deductions from Federal Adjusted Gross Income
(See Individual Income Tax Instructions for Form |
4. |
5. Subtract Line 4 from Line 3 and enter the total |
5. |
6.• If you plan to itemize deductions, enter the estimated total of your itemized deductions.
• If you do not plan to itemize, enter your standard deduction.
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IMPORTANT: Do not enter the amount from your federal return. |
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(You must refer to the Individual Income Tax Instructions for Form |
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6. |
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7. |
Subtract Line 6 from Line 5 and enter the total |
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7. |
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8. |
N.C. personal exemption (Multiply $2,500 or $2,000 by the number of exemptions) |
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(You must refer to the Individual Income Tax Instructions for Form |
8. |
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9. |
Estimated North Carolina Taxable Income (Subtract Line 8 from Line 7) |
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9. |
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10. |
Amount of Tax - Use the Tax Rates shown below |
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10. |
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11. |
A. Estimated N. C. Tax to be withheld |
A. |
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B. Estimated Tax Credits |
B. |
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Add Lines 11A and 11B |
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13.Estimated Income Tax (Subtract Line 12 from Line 10) If $1,000 or more, ill out and mail the estimated income tax form along with your payment; if less than $1,000, no payment is
required at this time |
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14.If the irst payment you are required to make is due April 15, enter 1/4 of Line 13 here and in the space marked “Amount of this Payment” on Form
whole dollar |
...................................................................................................................................................................................14. |
Tax Rates
Single |
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Head of Household |
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$ |
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$ 12,750 |
6% |
$ |
0 |
$ 17,000 |
6% |
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12,750 |
60,000 |
$ |
765 + 7% of the amount over $12,750 |
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17,000 |
80,000 |
$ 1,020 |
+ 7% of the amount over $17,000 |
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60,000 |
$ |
4,072.50 + 7.75% of the amount over $60,000 |
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80,000 |
$ 5,430 |
+ 7.75% of the amount over $80,000 |
Married Filing Jointly / Qualifying Widow(er) |
Married Filing Separately |
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$ |
0 |
$ 21,250 |
6% |
$ |
0 |
$ 10,625 |
6% |
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21,250 |
100,000 |
$ 1,275 + 7% of the amount over $21,250 |
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10,625 |
50,000 |
$ 637.50 + 7% of the amount over $10,625 |
100,000 |
$ 6,787.50 + 7.75% of the amount over $100,000 |
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50,000 |
$ 3,393.75 + 7.75% of the amount over $50,000 |