Form Ow-8-Es - Worksheet For Individuals - Oklahoma Individual Estimated Tax - 2015

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Oklahoma Individual Estimated Tax

ITE OW-8-ES

Tax Year 2015 Worksheet for Individuals

Revised 7-2014

See the general instructions for additional filing information.

1 Estimated total income for tax year (less income exempt by statute) ...............................................................

2 Estimated deductions (standard or itemized) ................................................................

3 Exemptions ($1000 for each exemption) .......................................................................

4 Total deductions and exemptions (add lines 2 and 3) .......................................................................................

5 Estimated taxable income (subtract line 4 from line 1) ....................................................................................

6 Estimated Oklahoma tax * .................................................................................................................................

7 Estimated Oklahoma income tax credits ...........................................................................................................

8 Estimated Oklahoma income tax liability (subtract line 7 from 6) ......................................................................

9 A. Multiply line 8 by 70% ..............................................................................................

B. Enter the tax liability shown on your previous year’s tax return ...............................

C. Enter the smaller of line 9a or 9b. This is your required annual payment to avoid underpayment interest ..

10 Estimated amount of withholding.......................................................................................................................

11 Subtract line 10 from line 9c ..............................................................................................................................

(Note: If zero or less, or line 8 minus line 10 is less than $500, stop here. You are not required to make estimated tax payments.)

12 Amount to be paid with each coupon (if paid quarterly, 1/4 of line 11) ..............................................................

* The following applies to part-year and nonresident taxpayers who

Record of Estimated Tax Payments

will be filing Form 511 NR. Lines 1 through 5 shall be calculated as

Quarter

Date Paid

Amount

if all income were earned in Oklahoma.

Applied from 2014 Tax Return ............................

1) Using the amount from line 5, calculate the tax; this is the base

tax and will be prorated for line 6.