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SECTION 7 ESTIMATED TAXES. <br />(A) As used in this section: <br />(1) "Estimated taxes" means the amount that the taxpayer reasonably estimates to be the taxpayer's tax <br />liability for the Village's income tax for the current taxable year. <br />(2) "Tax liability" means the total taxes due to the Village for the taxable year, after allowing any <br />credit to which the taxpayer is entitled, and after applying any estimated tax payment, withholding <br />payment, or credit from another taxable year. <br />(B)(1) Every taxpayer shall make a declaration of estimated taxes for the current taxable year, on the form <br />prescribed by the Tax Administrator, if the amount payable as estimated taxes is at least $200. For the <br />purposes of this section: <br />(a) Taxes withheld for the Village from qualifying wages shall be considered as paid to the <br />Village in equal amounts on each payment date unless the taxpayer establishes the dates on which <br />all amounts were actually withheld, in which case they shall be considered as paid on the dates on which <br />the amounts were actually withheld. <br />(b) An overpayment of tax applied as a credit to a subsequent taxable year is deemed to be paid on <br />the date of the postmark stamped on the cover in which the payxnent is mailed or, if the payment is made <br />by electronic funds transfer, the date the payment is submitted. As used in this division, "date of the <br />postmark" means, in the event there is more than one date on the cover, the earliest date imprinted on the <br />cover by the postal service. <br />(2) Taxpayers filing joint returns shall file joint declarations of estimated taxes. A taxpayer may amend <br />a declaration under rules prescribed by the Tax Administrator. A taxpayer having a taxable year of less than <br />twelve months shall make a declaration under rules prescribed by the Tax Administrator. <br />(3) The declaration of estimated taxes shall be filed on or before the date prescribed for the filing of <br />municipal income tax returns under division (G) of Section 5 or on or before the fifteenth (15`h) day of the <br />fourth month after the taxpayer becomes subject to tax for the first time. <br />(4) Taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth (151h) day <br />of the fourth month after the begimiing of each fiscal year or period. <br />13