Compliance Responsibilities

Question 1

Estimated Payments- Individuals:

Answer 1

Taxpayers must make estimated payments if the amount of tax is at least $1,000 after subtracting withholdings and credits.

Question 2

What are the estimated payment dates?

Answer 2

• April 15
• June 15
• September 15
• January 15

Question 3

Payment requirements for individuals to avoid underpayment penalty:

Answer 3

• 90% of the current year tax

- 100% of the prior year tax

Question 4

Payment requirements for Corporations:

Answer 4

Corporations must make estimated payments on: 
April 15 
June 15 
September 15 
December 15 

If the amount is at least $500 after subtracting credits

Question 5

Payment requirements for corporations to avoid underpayment penalty:

Answer 5

Equal to the lower of:

• 100% of the current year’s tax
• 100% of the prior year’s tax