The estimated 2010 income tax payment schedule for California, sent to you by a reader (30%, 50%, 0%, 20%) is incorrect.
globaleconomicanalysis.blogspot.com
The correct figures are (30%, 40%, 0%, 30%), compared with the prior year (25%, 25%, 25%, 25%).
The effect of this change balances out the inflow of Sales Tax revenue, which generates revenue most heavily in the last six months of each year.
Previously the state government has needed to borrow short-term funds in the first half of each year and repay them in the second half of each year. By eliminating this seasonal borrowing, the state's maximum debt outstanding will be sharply reduced, improving the state's credit ratios and credit rating.
Similar to IRS rules, you must prepay the smaller of:
1. 90% of the tax you will owe on your 2010 tax return;
2. 100% of the tax you owed on your 2009 tax return including AMT.
The payment dates and changed percent of income tax pre-payment (compared with are:
+ 5% April 15, 2010
+15% June 15, 2010
-25% September 15, 2010
+ 5% January 18, 2007
This front-loads the first six months by 20%, followed by a matching under-payment in the second six months.
ftb.ca.gov . ftb.ca.gov
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