Home
Forms Library
5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ...

5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ...-2025

5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ... Preview on Page 1

See details

4.1 out of 5

73 votes

The document provides a detailed guide for Michigan taxpayers on how to compute penalties and interest for underpaid estimated business taxes. It outlines the necessary forms, calculations, and due dates for quarterly tax payments, as well as exceptions to penalties. The document includes sections for estimating required taxes, calculating interest on underpayments, determining penalties based on late payments, and an annualization worksheet for businesses with uneven income distribution throughout the year.

Here's how it works

01. Edit your form online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send it via email, link, or fax. You can also download it, export it or print it out.

How to use or fill out 5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ... with our platform

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

Click ‘Get Form’ to open it in the editor.
Begin by entering your Taxpayer Name and Federal Employer Identification Number (FEIN) or TR Number at the top of the form.
In Part 1, calculate your Estimated Tax Required. Enter the annual tax from the relevant forms on line 1, then compute 85% of that amount for line 2.
Fill in the payment due dates in line 3 using MM-DD-YYYY format. Divide the amount from line 2 by four for quarterly estimates and enter this on line 4.
Complete lines 5 through 13 one column at a time, ensuring you accurately report prior year overpayments and any estimated payments made.
Proceed to Part 2 to figure interest due by following the instructions for each line, particularly noting due dates and calculating days late.
Finally, move to Part 3 to compute penalties based on your underpayment and late filing details, ensuring all calculations are accurate before submission.

Start using our platform today for free to streamline your form completion process!

See more 5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ... versions

We've got more versions of the 5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ... form. Select the right 5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ... version from the list and start editing it straight away!

Versions	Form popularity	Fillable & printable
2023	4.8 Satisfied (20 Votes)
2022	4.8 Satisfied (52 Votes)
2021	4.7 Satisfied (78 Votes)
2020	4.6 Satisfied (267 Votes)
2019	4.4 Satisfied (62 Votes)
2018	4.3 Satisfied (93 Votes)
2017	4.1 Satisfied (73 Votes)
2015	4.3 Satisfied (56 Votes)
2014	4 Satisfied (49 Votes)
2013	4.2 Satisfied (56 Votes)
2011	4 Satisfied (34 Votes)
2009	4.1 Satisfied (22 Votes)

be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is the corporate tax rate still 21%?

Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% following the passage of the Tax Cuts and Jobs Act of 2017.

What is the City of Detroit tax rate?

Income Tax Rates The City of Detroit income tax rate for residents is 2.4% (multiply by 0.024). The City of Detroit income tax rate for nonresidents is 1.2% (multiply by 0.012).

What is the corporate tax rate in the City of Detroit?

The City of Detroit Corporate Income Tax rate for 2024 is 2.0%. Taxpayers on a calendar year are required to file by April 15, 2025. Those on a fiscal year must file by the 15th day of the fourth month following the end of the fiscal year.

What is the city of Detroit income tax exemption?

The City of Detroit income tax is a straight percentage on compensation after an adjustment for personal and dependency exemptions. Each exemption is valued at $600.00 per year.

What is the city business tax in Detroit?

What is the city of Detroit tax rate for Corporations, Partnerships and Trusts and Estates? For Partnerships: The tax rate is 2.40% for resident partners, 1.20% for nonresident partners, and 2.00% for partners who are corporations.

What is the corporate tax rate in Michigan?

Michigan has a 6.0 percent corporate income tax rate. Michigan also has a 6.00 percent state sales tax rate. Michigan has a 1.24 percent effective property tax rate on owner-occupied housing value. Michigan does not have an estate tax or inheritance tax.

What is the penalty for estimated tax payments in Michigan?

Penalty and Interest for Underpayment of Estimates (MI-2210) Penalty is 25 percent of the tax due (with a minimum of $25 per quarter) for failing to make estimated payments or 10 percent (with a minimum of $10 per quarter) for failing to make sufficient estimated payments or making estimated payments late.

How to calculate federal income tax penalty and interest?

The Failure to Pay Penalty will not exceed 25% of the total unpaid tax amount. The Failure to Pay Penalty is calculated the following way: The Failure to Pay Penalty is 0.5% of the unpaid taxes for each month or part of a month the tax balance remains unpaid.

5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ...-2025

Here's how it works

How to use or fill out 5324, 2017 City of Detroit Corporate Income Tax Penalty and Interest ... with our platform