This is guide to calculating your quarterly instalments for 2015.
|2014 - Chargeable Profit||-||$ 1,000,000|
|2014 - tax on Chargeable Profit||-||$ 250,000|
|2015 - Estimated Quarterly Tax Payment|
|250,000/4 = 62,500|
|Estimated payment due per quarter||=||$ 62,500|
NOTE: Where your 2015 Estimated Chargeable Profit is likely to exceed 2014 Chargeable Profit you are to accommodate the increased profit and avoid interest on short payments.
NB: Any short payment or non-payment of quarterly installment is also subject to interest a the rate of 20% per annum from the date the payment was due to the date of payment or April 30, 2015 whichever is earlier.