If you operate a business in San Francisco the deadline for filing and paying the second installment of your 2014 estimated Payroll and Gross Receipts tax is due on July 31, 2014. You can file online with the City.
There are two components to the tax and estimated payment – a payroll tax expense and a gross receipts tax.
You are only required to make estimated tax payments if your taxable payroll is greater than $260,000 or your gross receipts are greater than $1,000,000.
You can use the safe-harbor payment by paying in 26% of your 2013 San Francisco payroll tax liability (there was no Gross Receipts Tax in 2013 so that portion is $0). However, keep in mind that if you use the safe-harbor calculations you may have an over or underpayment when the return is due in February 2015.
The final estimate is due on October 31st. The return and final payment for 2014 is due on the last day of February, 2015.
The process for Gross Receipts Tax is fairly complex and the San Francisco Tax Assessor’s office is overwhelmed with inquiries. If you need assistance Sterck Kulik O’Neill can help you work your way through the details.