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ericahaislip
New Member

Do I need to pay South Carolina State income tax quarterly

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.  

5 Replies
ScruffyCurmudgeon
Level 7

Do I need to pay South Carolina State income tax quarterly

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

Form SC1040ES

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Emerald Jack
Level 1

Do I need to pay South Carolina State income tax quarterly

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?

 

MaryK1101
Expert Alumni

Do I need to pay South Carolina State income tax quarterly

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. 

@Emerald Jack

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Emerald Jack
Level 1

Do I need to pay South Carolina State income tax quarterly

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.

MaryK1101
Expert Alumni

Do I need to pay South Carolina State income tax quarterly

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.  

@Emerald Jack

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