The City will give credit for up to 2% of tax paid to another city, not to exceed 2% per W2. If you have paid income tax to another municipality, the amount owed to the City of Franklin is reduced by that amount. * A tax credit is a dollar-for-dollar reduction of the income tax you owe. Penalties are due when Income Tax Return is filed. ( Amount Due – Credits* – Amount Paid = Underpaid Amount) The penalty is 15% of the unpaid or underpaid amount The City has worked to educate the public on these fees over the past several years.Ī penalty is assessed when the quarterly estimated payment is missed or underpaid by each due date. “In the case of any underpayment of any portion of a tax liability, penalty and interest may be imposed.”. Per ORC 718.08, the City passed Ordinance 2015-17 on November 16, 2015. If you are still unsure, you can reach out to the Income Tax Department for clarification. Only those who receive income and either ġ) their employer does not withhold City tax, orĢ) the municipality that is withheld has a lower rate than Franklin’s 2% Income Tax will be required to make quarterly estimated payments.
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