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Form 83-305 Interest and Penalty on Underestimate of Corporate Income Tax
(Corporations) and on Form 84 105 Page 1 Line 14 (Composite S Corporations ) (Divide Line 4 By Four) (Enter Actual Amount of Estimated Tax Paid in Each Quarter ) (Enter Amount From Part I Line 5 ) (Enter Any Overpayment from Previous Year in Column (a) Enter Any Excess (Enter Cumulative Amount From Line 7 ) (Enter Cumulative Amount of Estimated Taxes Paid Plus Any Overpayment (Enter the months of the corporation's tax year in Columns (a) through (d) ) (From Form 83 105 Line 8 (Corporations) or Form 84 105 Line 8 (Composite S Corporations)) (Line 17 Plus Line 18 Enter Amount on Form 83 105 Page 1 Line 14 (Multiply Line 10 By 10% If the Result is Negative Enter Zero ) (Multiply Line 14 By 1% Per Month Maximum of 2% for the First Quarter and a (Multiply Line 14 By Line 15) (Multipy Line 1 By 90%) (Subtract Line 12 from Line 13 If the Result is Negative Enter Zero ) (Subtract Line 7 From Line 8 and Line 9 Enter Amount in Column (a) If the Result (Total of Line 11 Columns (a) (b) (c) and (d)) (Total of Line 16 Columns (a) (b) (c) and (d)) Amended Annualized Income Method from Prior Year Line 8 Plus Line 9) From the Previous Quarter(s) Line 9 in Column(s) (b) (c) or (d) ) is Negative (Overpayment) Enter Zero and Carry Overpayment Amount (Positive) Large Corporation m m d d y y y y maximum of 3% for the Second through Fourth Quarters Respectively) 1 Current Year Income Tax Due 10 Total Underpayment / Overpayment of Estimates 11 Underestimate Penalty Due 12 Cumulative Tax Liability 13 Cumulative Overpayment / Estimates Paid 14 Total Underpayment / Overpayment of Estimates 15 Interest Rate 15th of 12th Month 15th of 4th Month 15th of 6th Month 15th of 9th Month 16 Underestimate Interest Due 17 Total Penalty Due 18 Total Interest Due 19 Total Underestimate Interest and Penalty Due 2 Ninety (90%) of Current Year Income Tax Due 3 Prior Year Income Tax Due 4 Enter the Lesser of Line 2 or Line 3 5 Estimate Payment Per Quarter 6 Estimate Due Dates 7 Required Estimate Each Quarter 8 Estimated Tax Paid Each Quarter 9 Overpayment From Previous Year / Quarter Form 83 305 11 8 1 000 (Rev 08/11) in the Next Quarter(s) Line 9 Column(s) (b) (c) (d) ) Mississippi PART I: CALCULATION OF ESTIMATE PAYMENT PART II: PENALTY CALCULATION PART III: INTEREST CALCULATION PART IV: UNDERESTIMATE PENALTY & INTEREST DUE Tax Year Beginning Tax Year Ending Underestimate of Corporate Income Tax Worksheet