topic Do I need to pay South Carolina State income tax quarterly in State tax filing

Do I need to pay South Carolina State income tax quarterly

ericahaislip — Sat, 01 Jun 2019 00:42:09 GMT

I am self-employed and currently pay the IRS quarterly taxes, but am unsure if I am supposed to pay the state of South Carolina quarterly for state taxes.

It would appear that South Carolina also expects "pay as...

ScruffyCurmudgeon — Sat, 01 Jun 2019 00:42:10 GMT

It would appear that South Carolina also expects "pay as you earn" Estimated Taxes:

Form SC1040ES

https://dor.sc.gov/forms-site/Forms/SC1040ES_09302015.pdf Worksheet for computing Estimated Tax in SC
https://dor.sc.gov/services-site/Documents/ePay%20IIT%20Dec%20User%20Guide.pdf#search=estimated Electronic payment of SC Estimated Tax

Re: It would appear that South Carolina also expects "pay as...

Anonymous — Sat, 21 Mar 2020 01:14:59 GMT

What is the penalty for paying by April 15 rather than paying the estimated taxes? If there is a penalty, is it better to do the Form 2210 or let the state compute?

Re: It would appear that South Carolina also expects "pay as...

MaryK4 — Sat, 21 Mar 2020 01:28:58 GMT

The penalty is computed quarterly and it is 4% so you take the amount due for the quarter and divide it by the number of days in the quarter and multiply it by the 4%- it is six of one or half dozen of the other- either way will be straight math.

@Anonymous

Re: It would appear that South Carolina also expects "pay as...

Anonymous — Sat, 21 Mar 2020 15:13:22 GMT

I am surprised by the division by the number of days. Let's say the amount underpaid for the quarter is $1800. Then take 90 days in the quarter. Divide and that is $20. Then I multiply by 4% to get the penalty? Seems small.

Re: It would appear that South Carolina also expects "pay as...

MaryK4 — Sat, 21 Mar 2020 22:10:51 GMT

Yes, the underpayment penalties are small but enough to get people's attention- and they can add up if you do have all year requirements.

@Anonymous