City of Saginaw MI -
Income Tax FAQ
- Q. What is the tax rate for City of Saginaw Income Tax?
Corporate - 1.50%
Individual Resident - 1.50%
Individual Non-Resident - .75%
- Q. When is my annual City of Saginaw Income Tax return due?
- A. City of Saginaw Income Tax returns are due on or before April 30, or within four months after the end of your fiscal year.
- Q. How long must I wait for a tax refund?
- A. Refunds are paid normally within 90 days of filing or 45 days after April 30, whichever is later. In case a return is audited, refunds can be delayed depending on the taxpayer's response time.
- Q. What are the penalty and interest charges if I pay my income tax late?
A. The current interest rate on income tax delinquencies is established by the Department of Treasury, State of Michigan. This rate changes every six months on January 1 and July 1.
Penalty is calculated at a rate of 1% per month with a maximum of 25%.
Estimated tax payments are not underpaid if they equal 70% of the tax due on the final return or 70% of the tax due on the return for the preceding year. Underpaid estimated taxes are charged interest at prevailing per annum interest rates and penalties.
- Q. What are the requirements for remitting Individual and Corporate estimated payments?
A. The estimated tax for the current year may be paid in full with the first payment or in four (4) equal installments on or before April 30, June 30, September 30, and January 31 of the following year.
For corporations on a fiscal year the payments are due on or before the 4 th , 6 th, 9 th and 13 th month after the beginning of taxable fiscal year.
- Q. What are the requirements for remitting monthly and/or quarterly employer withholding payments?
A. Monthly payment: Required where the amount withheld exceeds $100.00. Payment is due on or before the last day of the month following the period in which taxes were withheld.
Quarterly payments: Allowed where amount withheld does not exceed $100.00 per month. Payment is due on or before the last date of the month following the quarter in which taxes were withheld.
Employers must file an Annual Reconciliation (Sw-3) along with W-2's at the end of each tax year.
- Q. When is the due date for employers to file Annual Reconciliation (SW-3)?
- A. February 28 of the following year.
- Q. I filed a previous year refund and I was denied. Why?
- A. Refunds may have been applied against prior delinquent assessments or may be barred by Statute of Limitations. Claims for refunds must be made within four years from the date the payment was made or from the date the tax return was due. A 2006 tax return due on April 30, 2007 would be entitled to a refund up to April 30, 2011. For years prior to 1997, the statute of limitations is three (3) years.
- Q. Do I have to file an income tax return?
A. A resident with $750 or more total income is required to file a tax return regardless of where the income was earned.
A non-resident is taxed only on earnings/wages in excess of $750 received for work done or services performed in the City of Saginaw.
CORPORATIONS REQUIRED TO FILE:
Every corporation doing business in the City, whether or not it has an office or place of business in the city or a net profit, is required to file a City of Saginaw Income Tax Corporation Return, Form S-1120.
Corporations cannot elect to file and be taxed as partnerships and visa versa. Sub-Chapter S corporations are treated as C corporations and must file a S-1120.
Non-profit corporations, which have applied for and received approval for exemption from the Federal income tax, shall not be required to file a Saginaw return provided they submit, to the Administrator, a copy of their exemption approval from the Internal Revenue Service. Such exemption from the City's filing requirement will continue in effect as long as their Federal exemption is in effect.
The ordinance also specifically exempts state and national banks, trust companies, insurance companies, building and loan and saving and loan associations, and credit unions (either state chartered or federal chartered).
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