Quarterly payments: Allowed where amount withheld does not exceed $100.00 per month. Payment is due on or before the last day of the month following the period in which taxes were withheld. Monthly payment: Required where the amount withheld exceeds $100.00. What are the requirements for remitting monthly or quarterly withholding tax payments?
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The estimated tax for the current year may be paid in full with the first payment or in four (4) equal installments on or before April 30th, June 30th, September 30th, and January 31st of the following year.įor corporations on a fiscal year the payments are due on before the 4th, 6th, 9th, and 13th month after the beginning of taxable fiscal year. What are the requirements for remitting Individual and Corporate estimated payments? Interest from U S obligation such as Savings Bonds and Treasury Notes.Ĭompensation of service in the U S armed forces, including reserve components. Unemployment compensation, supplemental unemployment benefits, welfare relief payments and workmen’s compensation. Pensions and annuities, proceeds from insurance and retirement benefits. What is nontaxable income to both resident and non resident? Net profits from sale or exchange of person property located in Pontiac. Net profits from the operation of a business or profession conducted in Pontiac.įair market value of merchandise or services received as compensation in Pontiac. Net profits from rental of real and tangible property located in Pontiac. Salaries, bonuses, wages, commissions, fees, vacation pay, profit sharing plans and other compensation earned in Pontiac. Income from a partnership, S corporation estate or trust, interest from bank accounts, credit unions, savings and loan associations no regardless of where income was earned. Rental income, capital gains and dividends.
Net profit of a business or profession regardless of where earned. Salaries, bonuses, wages, commissions, fees, vacation pay, profit sharing plan income and other compensation regardless of where income was earned.įair market value of merchandise or services received as compensation. If no tax is owed or you are receiving a refund, do not file an extension. An extension does not extend the date for payment of the tax due. To request more time to file your return, complete an extension form and submit with payment to cover the estimated tax due to the City of Pontiac Income Tax Division or before the due date of the return. The Administrator may extend the filing date for up to six months or for the same period of time granted by a federal extension. Requests for an extension must be made in writing to the City of Pontiac, Income Tax Division. This rate is adjusted on January 1st and July 1st, of each year. The current interest rate on income tax delinquencies is established by the State of Michigan, Department of Treasury. Interest is due at the annual rate of ½% above the current prime rate. If you file and pay late, penalty is calculated at a rate of 1% per month with a maximum of 25% of the tax due. What are the penalty and interest charges if I pay my income tax late? This impacts the City of Pontiac by moving our filing deadline from April 30 to July 31. Governor Whitmer has signed executive order 2020-26 (see below) which extends the filing deadlines for State of Michigan and city income taxes. Normally, City of Pontiac Income tax returns are due on or before April 30th, or within 4 months after the end of your fiscal year. When is my City of Pontiac Income Tax annual return due?
The individual tax rate is 1% (.01) for residents and ½% (.005) for nonresidents. What is the tax rate for City of Pontiac Tax?
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What are some of the common mistakes made when filing income tax returns?Ĭlick here to download a list of the most frequent mistakes made when filing and income tax return.
Returns without Payments Should Be Mailed To:Ĭity of Pontiac Income Tax Division P. Returns with Payments Should Be Mailed To:Ĭity of Pontiac 1040 Payments P.
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