Common use of Interest Due Clause in Contracts

Interest Due. If your report is late, you must pay interest to each jurisdiction where tax is owed in column “9”. Take the # of Months late divided by 12, times the annual interest rate. This will get you the monthly interest rate, which is added to the annual interest rate. Insert a zero after the decimal, in front of the calculated rate. Ex: .054166 becomes .0054166. This final rate is multiplied by column “9”. Partial month (even one day) will be charged full month of interest. The annual interest can be found here: xxxxx://xxx.xxxxxx.xxx/interestrate.php TOTAL DUE: Enter the total of column “9” and column “10” for each jurisdiction listed that you traveled into for this period.

Interest Due. If your report is late, you must pay interest to each jurisdiction where tax is owed in column “9”. Take the # of Months months late divided by 12, times the annual interest rate. This will get you the monthly interest rate, which is added to the annual interest rate. Insert a zero after the decimal, in front of the calculated rate. Ex: .054166 becomes .0054166. This final rate is multiplied by column “9”. Partial month (even one day) will be charged full month of interest. The annual interest can be found here: xxxxx://xxx.xxxxxx.xxx/interestrate.php TOTAL DUE: Enter the total of column “9” and column “10” for each jurisdiction listed that you traveled into for this period.