Individuals

The city income tax rate of 1% is levied upon all wages, salaries, commissions. and other compensation, including lottery, gaming and gambling winnings, received by residents of the City or received by non-residents for work done or services performed in the City.  The City of Waverly requires mandatory filing of annual tax returns.

Business 
 
The city income tax rate of 1% is levied on the net profits of all unincorporated business, rental properties, partnership, or other activities conducted in the City; and on the net profits of all corporation conducting activities in the City.  Annual tax returns are required from any entity doing business within the City. 
 
Employers
 
Employers located in or doing business within the City of Waverly who employ one or more person are required to deduct city income tax at the rate of 1% from the compensation of their employees.  Employee W2s must be submitted to the tax office by February 28th of each year.  If using subcontractors, copies of Federal Form 1099 Misc. must be submitted to the tax office. 
 
Declaration Of Estimated Tax
 
An annual declaration of estimated tax must be filed by all individuals and entities that anticipate income which is not fully withheld upon.  Estimated payments must be made in quarterly installments and are due on or before the last day of the month following the end of the quarter.  Failure to file and pay estimate taxes in timely quarterly installments could result in an assessment of interest charge.  
 
Extensions
 
Extensions are not granted on an automatic basis.    
All extension requests must include a copy of the Federal Extension Request Form and be received by the Tax Office by the due date of the original return.  An extension will not be granted if the taxpayer has prior year balances or prior year filing delinquencies.  An extension of time to file is not an extension of time to pay.  Interest will be assessed on any tax balance remaining due after the original due date.