Nc Estimated Tax Payment Details

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.

QuestionAnswer
Form NameNc Estimated Tax Payment
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesnc estimated tax, nc 40 form, form nc 40, north carolina estimated tax payments 2020

Form Preview Example

NC-40

Individual Estimated Income Tax

Web

North Carolina Department of Revenue

11-12

Instructions

 

“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 D-400) and to avoid owing interest for

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:

-April 1 and before June 1

June 15

-June 1 and before September 1

September 15

-September 1

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 D-400) by January 31 of the following year and pay the entire balance due, you do not have to make the payment which would otherwise be due on January 15.

Farmers and Fishermen

If at least two-thirds of your estimated gross income is

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 D-400) is iled and the total tax is paid on or before March 1, you do not have

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

NC-40 when paying your estimated income tax on a iscal year basis, please refer to the instructions on Completing the Estimated Income Tax Form (NC-40) on this page.

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 twenty-ive percent (25%) of the lesser of: (a) 90% (66 2/3% for farmers and ishermen) of the tax due on your current year’s return; (b) 100% of the tax due on your previous year’s return, if your previous year’s return was a taxable year of 12 months and a return was iled for that year; or (c) 90% of the tax igured by annualizing the taxable income received during the year up to the

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 D-422, Underpayment of Estimated Tax by Individuals. You

may obtain the form by writing the N.C. Department of Revenue, Post Ofice Box 25000, Raleigh, North Carolina 27640-0001, by calling the Department at

1-877-252-3052 (toll-free), or from the Department’s website at www.dornc.com.

Completing the Estimated Income

Tax Form (NC-40)

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 one-fourth (1/4) of the amount shown on Line 13 of the worksheet in the space marked “Amount of this Payment” on the NC-40 form. (EXCEPTION: If you paid too much tax on your income tax return (Form D-400) for the previous year, you may have chosen to apply the overpayment to your estimated income tax for the following year. If so, you may apply all or part of the overpayment to any estimated income tax installment. Send Form NC-40 only when you are making a payment.)

(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

(NC-40) with your payment to: NC Department of

Revenue, Post Ofice Box 25000, Raleigh, North

Carolina 27640-0630.

(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.

 

 

 

Continued on page 2

Cut and mail original form to:

 

N.C. Department of Revenue, P.O. Box 25000, Raleigh, NC 27640-0630

 

 

NC-40

Individual Estimated Income Tax

 

Web

 

9-09

North Carolina Department of Revenue

 

 

 

 

 

For calendar year

or iscal year:

 

Complete spouse’s information if you and your spouse plan to ile a joint return.

 

 

Your Social Security Number

Spouse’s Social Security Number

Beginning (MM-DD-YY)

Ending (MM-DD-YY)

 

Your First Name

 

M.I.

Spouse’s First Name

 

M.I.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Your Last Name

 

 

 

Spouse’s Last Name

 

 

 

$

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. 27640-0630. Do not fold, tape, or staple this return or your check. Do not send cash.

Page 2

NC-40 Instr.

Web

11-12

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 D-400)

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 D-400)

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.

 

IMPORTANT: Do not enter the amount from your federal return.

 

 

 

 

(You must refer to the Individual Income Tax Instructions for Form D-400)

 

6.

7.

Subtract Line 6 from Line 5 and enter the total

 

7.

8.

N.C. personal exemption (Multiply $2,500 or $2,000 by the number of exemptions)

 

 

 

 

(You must refer to the Individual Income Tax Instructions for Form D-400 to determine the applicable amount)

8.

9.

Estimated North Carolina Taxable Income (Subtract Line 8 from Line 7)

 

9.

10.

Amount of Tax - Use the Tax Rates shown below

 

10.

11.

A. Estimated N. C. Tax to be withheld

A.

 

 

 

B. Estimated Tax Credits

B.

 

12.

Add Lines 11A and 11B

 

12.

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

.......................................................................................................................................................................13.

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 NC-40. Round off cents to the nearest

whole dollar

...................................................................................................................................................................................14.

Tax Rates

Single

 

 

 

Head of Household

 

 

$

0

$ 12,750

6%

$

0

$ 17,000

6%

 

 

12,750

60,000

$

765 + 7% of the amount over $12,750

 

17,000

80,000

$ 1,020

+ 7% of the amount over $17,000

 

60,000

-----------

$

4,072.50 + 7.75% of the amount over $60,000

 

80,000

-----------

$ 5,430

+ 7.75% of the amount over $80,000

Married Filing Jointly / Qualifying Widow(er)

Married Filing Separately

$

0

$ 21,250

6%

$

0

$ 10,625

6%

 

21,250

100,000

$ 1,275 + 7% of the amount over $21,250

 

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

 

50,000

-----------

$ 3,393.75 + 7.75% of the amount over $50,000