self-employment tax, unreported social security and medicare tax, additional tax on IRAs, household employment taxes, first time homebuyers credit repayment tax, additional medicare tax, or net investment tax)?
and probably to your state government as well. This way you pay your income taxes as you go. And, if you're like most wage earners, you get a nice refund at tax time.
People who aren't having enough withheld.The IRS says you need to pay estimated quarterly taxes if you expect: You'll owe $1,000 or more in federal income taxes this year, even after accounting for your withholding and refundable credits. ...
My accountant bases my estimated taxes based on my previous year’s income, which is how many people calculate their estimate taxes. However, you may wish to reassess your calculation as your year progresses. You may find that your income situation is very different from the previous year and ...
has anestimated tax payment calculatorthat can also be helpful if you have self-employment income and your AGI is under $150,000. It says that you’ll generally need to make about $5,000 in self-employment income to reach the $1,000 in taxes owed threshold that could trigger the estimat...
Use IRS Form 1040-ES to make estimated tax payments for the year, which can include income tax, self-employment tax, and other taxes. You should make estimated tax payments if you expect to owe at least $1,000 in taxes after deductions and credits, and your withholding and credit...
Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative mini- mum tax. This publication explains both of these meth- ods. It also explains how to take credit on your return for the tax that was withheld and for your estimated tax ...
in After you file kellymurphy88 New Member I paid estimated CO state income tax via the automatic filing extension, but I'm getting a refund. How do I enter my payment when filing my CO return via TurboTax? in Get your taxes done using TurboTax Stevers New ...
Tips for Calculating Federal Taxes in Advance Check out these apps for calculating your estimated federal taxes: Tax Calculator by TaxSlayer: This nice-looking app can calculate federal income tax on wages, business profits, unemployment benefits, and Social Security benefits. It also handles common ...
multiply by 4. If it only comes once a year, just project the total amount to the best of your knowledge (use last year’s tax return and documents to help you with this process). Make sure that you count the gross amount, not the net check that you receive after taxes and other ...