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This form reports the same non-salary income as 1040ES. Each shareholder who receives non-salary income during the quarter should
complete this form unless they have regular withholding on at least 90% of their total
income.
S-corporation shareholders owe quarterly estimated tax payments on their share
of the corporations' net income.
C-corporation shareholders only owe taxes if they received dividends during a quarter.
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| Forms to use | |
ES-40 form
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| How often? |
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Quarterly payment requirement |
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| Tax rates | |
3.4% of
S-corporation: each shareholder's portion of the corporation's net taxable income or
C-corporation: dividends received by each shareholder.
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