TAX PAYMENTS Q. What are the estimated tax payment requirements?
A. In general, a penalty is due on quarterly underpayments of your year-end individual income tax, but you owe no penalty if: (A) your tax liability for the year, after credits for withholding and estimated tax, is less than $100, or (B) you paid at least (1) 90% of the tax shown on the current SC income tax return, or (2) 100% of the tax shown on the previous year’s SC income tax return (110% if your Adjusted Gross Income is $150,000 or more). Estimated tax payments are made by filing Form SC1040ES. The due dates of estimated taxes are: First Quarter: April 15th Second Quarter: June 15th Third Quarter: September 15th Fourth Quarter: January 15th of the following tax year.See Code Sections 12-6-3910, 12-54-55.
