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Maine Free Printable 18_1120W.indd for 2019 Maine Worksheet for calculating estimated tax payments

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Worksheet for calculating estimated tax payments
18_1120W.indd

FORM 1120W-ME MAINE REVENUE SERVICES CORPORATE INCOME TAX ESTIMATED TAX WORKSHEET 2018 FOR FORM 1120ES-ME 1. ADJUSTED FEDERAL TAXABLE INCOME (check one) For 2017: For 2018 (estimated): .............................. 1. ____________________ 2. a. ESTIMATED MAINE GROSS TAX .................................................................................................2a. ____________________ For tax years beginning on or after January 1, 2018, the Maine corporate tax rates are as follows: If adjusted federal taxable income is: Greater than: But not over: The tax is: $0 $ 350,000 3.5% of adjusted federal taxable income $350,000 $1,050,000 $12,250 plus 7.93% of the excess over $ 350,000 $1,050,000 $3,500,000 $67,760 plus 8.33% of the excess over $ 1,050,000 $3,500,000 or more $271,845 plus 8.93% of the excess over $3,500,000 b. ESTIMATED MAINE CORPORATE INCOME TAX (LINE 2a MULTIPLIED BY THE ESTIMATED MAINE APPORTIONMENT FACTOR) ..........................................................................................2b. ____________________ 3. OVERPAYMENT from prior year elected for credit to estimated tax ......................................................3. ____________________ 4. BALANCE of estimated Maine corporate income tax (line 2b minus line 3) ..........................................4. ____________________ 5. COMPUTATION and RECORD OF PAYMENTS A Date Due* B Quarterly Estimate 2017 Overpayment 1. 04/17/18 $ $ $ 2. 06/15/18 $ $ $ 3. 09/17/18 $ $ $ 4. 12/17/18 $ $ $ C D E Balance Due Date Paid Check or Transaction # * Calendar-year filers only. (Fiscal year corporations: use the date corresponding with the 15th day of the 4th, 6th, 9th and 12th months of the fiscal year.) NOTE: If your estimated tax changes during the year, you may use the amended computation worksheet below to determine the amended amounts to be submitted. 1. AMENDED ESTIMATED MAINE CORPORATE INCOME TAX.............................................................1. ____________________ 2. LESS: a. Amount of OVERPAYMENT from prior year credited to this year’s estimated tax and applied to date..................................................................................2a. ____________________ b. PAYMENTS made for current year .................................................................................................2b. ____________________ c. TOTAL: Line 2a plus line 2b ........................................................................................................... 2c. ____________________ 3. UNPAID BALANCE: Line 1 minus line 2c ..............................................................................................3. ____________________ 4. AMOUNT TO BE PAID: Line 3 divided by number of remaining installments ........................................4. ____________________ (KEEP FOR YOUR RECORDS) SEE REVERSE SIDE FOR INSTRUCTIONS Rev. 10/18 FORM 1120ES-ME INSTRUCTIONS Maine Estimated Tax Payment Voucher For Corporations 1. WHO MUST PAY ESTIMATED TAX? Every corporation subject to taxation under 36 M.R.S., Part 8 (Income Taxes) must pay estimated tax. If the income tax liability for the current tax year or for the prior tax year reduced by any allowable credits is less than $1,000, the requirement is waived. See 36 M.R.S. § 5228(2). 2. AMOUNT OF ESTIMATED TAX TO BE PAID. The estimated tax must be no less than the smaller of the following: a. An amount equal to the preceding year’s tax liability, if that preceding year was a taxable year of 12 months; or b. An amount equal to 90% of the tax liability for the current tax year. See note below. Exception: Large corporations as defined by IRC § 6655(g)(2)(A), are required to pay estimated taxes in accordance with paragraph b, except as provided in 36 M.R.S. § 5228(5)(C). Note: Due to enactment of PL 2017, c. 474 (generally known as Maine’s conformity bill) on September 12, 2018 and other tax legislation, you may need to adjust your Maine estimated income tax liability for 2018. Notable items to consider are the inclusion of foreign deferred income (deemed repatriated income or IRC § 965 income), deduction of 80% of foreign deferred income Line 5 Column A (subject to certain limitations), possible increase in the amount of the Maine capital investment credit (as a result of the federal increase in allowable bonus depreciation deduction amounts) and a new credit for family and medical leave benefits. A full summary of tax law changes enacted by the Second Regular and Special Sessions of the 128th Legislature, including the tax law changes contained in PL 2017, c. 474, is available at www. maine.gov/revenue. 3. DUE DATES FOR ESTIMATED TAX INSTALLMENTS. Installment payments are due on the 15th day of the 4th, 6th, 9th and 12th months following the beginning of the corporation’s fiscal year. If the due date falls on a Saturday, Sunday or legal holiday, substitute the next succeeding day which is not a Saturday, Sunday or legal holiday. 4. AMOUNT OF INSTALLMENTS. The amount of estimated tax due for the taxable year must be paid in four equal installments unless: a. The taxpayer establishes by adequate record the actual distribution of tax liability and allowable credits during the tax year; or b. The taxpayer is a large corporation as defined by IRC § 6655(g)(2)(A). Such large corporations may elect to determine the first required installment for any taxable year based on the preceding year’s state income tax liability, if that preceding year was a taxable year of 12 months. However, if the corporation so elects, the second required installment for the taxable year must be no less than 90% of the corporation’s income tax liability for the first half of the current year, less the amount of the first installment for the taxable year as determined under this provision. 5. UNDERPAYMENT PENALTY. A penalty equal to the interest rate on overdue taxes accrues automatically on underpayments of the required installment amount for the period of underpayment. The period of underpayment is the period of time from the date the installment is due until the underpayment is satisfied or until the tax return to which the estimate installment applies is due, whichever occurs earlier. Calculate the underpayment penalty on Form 2220ME. 6. SHORT TAXABLE YEAR. For a corporation having a tax year of less than 12 months, the estimated tax must be paid in full by the 15th day of the last month of the tax year. If you are filing a tax return for a short tax year, identify your next filing period in the space provided on the voucher. 1120W-ME INSTRUCTIONS Quarterly Estimate. Divide line 2b by 4 and enter the result in each row. Column B 2017 Overpayment. Enter the amount from line 3 on row 1 of this column. If this amount is larger than the amount on row 1 of column A, subtract the amount in column A from this amount. Enter the result in column B, row 2. Repeat this procedure on each line until the amount of overpayment is used. Column C Balance Due. Subtract column B, row 1 from column A, row 1 and enter the result here. This amount is the balance due for the quarter. The total of all four rows in this column should equal the amount on line 4 (Balance of estimated Maine corporate income tax). Column D Date Paid. Enter the date the balance in column C is paid. Column E Check or Transaction #. Enter the check number or the bank transaction number for the quarterly payment made.
Extracted from PDF file 2018-maine-form-1120w-me.pdf, last modified October 2018

More about the Maine Form 1120W-ME Corporate Income Tax Estimated TY 2018

We last updated the Worksheet for calculating estimated tax payments in February 2019, so this is the latest version of Form 1120W-ME, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form 1120W-ME directly from TaxFormFinder. You can print other Maine tax forms here.

Other Maine Corporate Income Tax Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1120ME Corporate income tax form
Form 1120X-ME Amended income tax return
Form 1120B-ES/ME Vouchers for estimated tax payments
Form 1041ME Fiduciary Income Tax Return for resident and nonresident estates and trusts
Form 1120ES-ME Vouchers for estimated tax payments

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Form 1120W-ME from the Revenue Services in February 2019.

Show Sources >

Form 1120W-ME is a Maine Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Maine Form 1120W-ME

We have a total of seven past-year versions of Form 1120W-ME in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form 1120W-ME

18_1120W.indd

2017 Form 1120W-ME

17_1120W.indd

2016 Form 1120W-ME

16_1120W.indd

Worksheet for calculating estimated tax payments 2015 Form 1120W-ME

15_1120W.indd

Worksheet for calculating estimated tax payments 2013 Form 1120W-ME

12_1120W.indd

2012 Form 1120W-ME

12_1120W.indd

2011 Form 1120W-ME

11_1120W.indd


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