Maine Worksheet for Calculating Estimated Tax Payments

Worksheet for Calculating Estimated Tax Payments
Form 1120W-ME
Maine Revenue Services
Corporate Income Tax
Estimated Tax Worksheet
for Form 1120ES-ME

Form 1120W-ME

2023

1.	 Adjusted federal taxable income for tax year beginning in (check one):
		

2022:	

2023 (estimated):	

............................... 1.	 _____________________

2.	 a.	 Estimated Maine gross tax............................................................................................................2a.	 _____________________
		

For tax years beginning on or after January 1, 2023, the Maine corporate tax rates are as follows:
If adjusted federal taxable income is:

The tax is:

Greater than:

But not over:

$0

$350,000

$350,000

$1,050,000

$12,250 plus 7.93% of the excess over $350,000

$1,050,000

$3,500,000

$67,760 plus 8.33% of the excess over $1,050,000

3.5% of adjusted federal taxable income

$3,500,000 or more

$271,845 plus 8.93% of the excess over $3,500,000

b.	 Estimated Maine corporate income tax (line 2a multiplied by the estimated
	 Maine apportionment factor)............................................................................................................2b.	 _____________________
3.	Overpayment from prior year elected for credit to estimated tax...........................................................3.	 _____________________
4.	Balance of estimated Maine corporate income tax (line 2b minus line 3)...............................................4.	 _____________________
5.	 Computation and record of payments
A
Date Due*

	

B

Quarterly Estimate 2022 Overpayment

1.

04/18/23

$

$

$

2.

06/15/23

$

$

$

3.

09/15/23

$

$

$

4.

12/15/23

$

$

$

C

D

E

Balance Due

Date Paid

Check or
Transaction #

*	 Calendar-year filers only. (Fiscal year corporations: use the date corresponding with the 15th day of the 4th, 6th, 9th and 12th
months of the fiscal year.)

Note: 	 If your estimated tax changes during the year, you may use the amended computation worksheet below to determine the 		
	
amended amounts to be submitted.
1.	 Amended estimated Maine corporate income tax..............................................................................1.	 _____________________
2.	Less:
a.	 Amount of overpayment from prior year credited to
	 this year’s estimated tax and applied to date...................................................................................2a.	 _____________________
b.	 Payments made for current year....................................................................................................2b.	 _____________________
c.	 Total (line 2a plus line 2b)...............................................................................................................2c.	 _____________________
3.	 Unpaid balance: (line 1 minus line 2c)...................................................................................................3.	 _____________________
4.	 Amount to be paid: (line 3 divided by number of remaining installments).............................................4.	 _____________________
(Keep for your records)
See reverse side for instructions

Revised: March 2023

1. Who must pay estimated tax:

General Instructions

4. Amount of installments:

Every corporation subject to taxation under 36 M.R.S., Part
8 (Income Taxes) must pay estimated tax. If the income
tax liability for the current tax year or for the prior tax year
reduced by any allowable credits is less than $1,000, the
requirement is waived. See 36 M.R.S. § 5228(2).

The amount of estimated tax due for the taxable year must
be paid in four equal installments unless:

Note: For tax years beginning on or after January 1, 2022,
a corporation has nexus with Maine if the corporation is
organized or commercially domiciled in Maine or if, in Maine,
any of the following thresholds are exceeded: $250,000 in
property, $250,000 in payroll, $500,000 in sales, or 25% of
the corporation’s total property, payroll, or sales is in Maine.
See 36 M.R.S. § 5200-B.

	
b. The taxpayer is a large corporation as defined by
IRC § 6655(g)(2)(A). Such large corporations may elect to
determine the first required installment for any taxable year
based on the preceding year’s state income tax liability, if
that preceding year was a taxable year of 12 months.

2. Amount of estimated tax to be paid:
The estimated tax must be no less than the smaller of the
following:
	 a. An amount equal to the preceding year’s tax liability,
if that preceding year was a taxable year of 12 months; or
	 b. An amount equal to 90% of the tax liability for the
current tax year.
Exception: Large corporations as defined by IRC § 6655(g)
(2)(A), are required to pay estimated taxes in accordance with
paragraph b, except as provided in 36 M.R.S. § 5228(5)(C).
3. Due dates for estimated tax installments:
Installment payments are due on the 15th day of the 4th,
6th, 9th and 12th months following the beginning of the
corporation’s fiscal year. If the due date falls on a Saturday,
Sunday or legal holiday, substitute the next succeeding day
which is not a Saturday, Sunday or legal holiday.

Line 5

	 a. The taxpayer establishes by adequate record the
actual distribution of tax liability and allowable credits during
the tax year; or

However, if the corporation so elects, the second required
installment for the taxable year must be no less than 90% of
the corporation’s income tax liability for the first half of the
current year, less the amount of the first installment for the
taxable year as determined under this provision.
5. Underpayment penalty:
A penalty equal to the interest rate on overdue taxes accrues
automatically on underpayments of the required installment
amount for the period of underpayment. The period of
underpayment is the period of time from the date the
installment is due until the underpayment is satisfied or until
the tax return to which the estimate installment applies is
due, whichever occurs earlier. Calculate the underpayment
penalty on Form 2220ME.
6. Short taxable year:
For a corporation having a tax year of less than 12 months,
the estimated tax must be paid in full by the 15th day of the
last month of the tax year. If you are filing a tax return for a
short tax year, identify your next filing period in the space
provided on the voucher.

Specific Instructions

Column A 	 Quarterly Estimate. Divide line 2b by 4 and enter the result in each row.
Column B	

2022 Overpayment. Enter the amount from line 3 in the row that corresponds to the due date of the 2022 Form
1120ME, without regard to extension, or the date the payment resulting in the 2022 overpayment was made,
whichever is later. If this amount is larger than the amount entered in the same row in column A, subtract the
amount in column A from this amount. Enter the result in the following row in column B. Repeat this procedure
on each line until the amount of overpayment is used.

Column C	 Balance Due. Subtract column B, row 1 from column A, row 1 and enter the result here. This amount is the
balance due for the quarter. The total of all four rows in this column should equal the amount on line 4 (Balance
of estimated Maine corporate income tax).
Column D	 Date Paid. Enter the date the balance in column C is paid.
Column E	

Check or Transaction #. Enter the check number or the bank transaction number for the quarterly payment made.