Read ALL Instructions Carefully Before Filling Your Port Clinton Tax Return



INSTRUCTIONS FOR FILLING OUT RETURN FROM W-2(S)

1. Indicate calendar year or fiscal year
   
2. (a) Social Security number of spouse, (b) Social Security number of taxpayer
   
3. Name, address, city, state and ZIP
   
4. (a) Moved into City of Port Clinton? Give date, (b) Moved out of City of Port Clinton? Give date
   
   

Line 1. Total all W-2(s) and list total on line 1.(The greater of box 1, 3, 5 or 18)

Line 2. Additions and Subtractions from page 2, line E. Use Schedule X, Line R to explain deductions.

Line 3. Bring total of line 1 down to line 3.

Line 4. Multiply line 3 total by 1 1/2% (.015), place answer on line 4.

Line 5.

1. List total of Port Clinton withheld tax (box 19 ) from W-2(s).
   
   
2. List total of estimated tax paid and/or past year overpayment.
   
   
3. List total tax paid to other cities, each limited to 1%.
   
   
4. List total of lines 5(A), 5(B) and 5(C).
   
   

Line 6. Subtract line 5(D) from line 4, record total on line 6.

Line 7.

1. $50.00 underpayment; place check mark in front if:
   
   *failed to file a Declaration of Estimated Tax when income tax of $50.00 or more is due for year and there is no means of withholding. *non-payment of estimated taxes due April 30, June 30, September 30 and December 31.
   
   *failure to pay 90% of tax liability due by January 31 of following year.
   
   **Exception: If 100% of last year's tax has been paid.
   
   
2. 1.5% Penalty per month-calculated on tax due after April 15.
   
   
3. $50.00 failure to file timely (April 15 due date, fiscal year 4 months after close).
   
   
4. 1.5% Interest per month-calculated on tax due after April 30.
   
   

Line 7. Total 7(A), 7(B), 7(C); list total on line 7(X).

Line 8. Total line 6, line 7(X) and 7(D); list total on line 8.

Line 9. Would be used if line 6 indicated an overpayment; unless after use of line 7. there is an overpayment indicated on Line 8.



NON-TAXABLE INCOME

• Dividends
  
• Pensions
  
• Royalties
  
• Interest
  
• Scholarships
  
• Capital gains
  
• Compensatory insurance proceeds derived from property damage or personal injury settlement
  
• Involuntary conversions
  
• Alimony
  
• Gifts
  
• Inheritances
  
• Subpay
  
• Patents & copyrights
  
• Military pay (Active Duty)
  
• Annuities distributions
  
• Medicare distributions
  
• Disability
  
• Social Security distributions
  
• Workmens Compensation
  
• Poor relief, human services
  
• State unemployment benefits
  
• Revenue from intangible property
  
• Income earned under 18 years of age
  
• Income from qualified pension plans
  
  
  

TAXABLE INCOME

• Prizes
  
• Rental income
  
• Lottery winnings
  
• Cafeteria plans
  
• Jury Duty pay
  
• Strike pay
  
• Incentive pay
  
• Farm net income
  
• Bonuses, Stipends
  
• Vacation pay
  
• Tips
  
• Fees, director's fees, executor's fees
  
• Wages, Salaries, Other Compensation
  
• Commission, other earned income
  
• Rental personal property
  
• Salary/Wage continuation income
  
• Sick pay (including 3rd party)
  
• Cash in lieu of cafeteria plans
  
• Stock options (taxed when exercised usually valued at market price less option price on date the option is exercised
  
• Net income of business, profession, sole proprietor, partnership, corporation
  
• Contributions to IRA, Keogh, 401K, 403b, 457b, HR-10, other retirement programs and annuities
  
• Employer paid premiums for group insurance premium over $50,000
  
• Property in lieu of cash (taxed at fair market price)
  
• Income earned, received or accrued
  
• 1099-MISC income from non-employee compensation, medical and fish proceeds
  
• Ordinary gains as reported on federal form 4797
  
• Other compensation for work done or services rendered or performed
  
• Employee retirement plans and tax deferred annuity plans
  
• Dismissal or severance pay (including retirement incentive plans)
  
  

Return to Income Tax Menu
Home