taxes
 






 

Question by  deedee214 (30)

How do I figure IRS quarterly payments?

 
+7

Answer by  Kdm (180)

The easiest way to calculate estimates is to take last years tax liability and divide that number by four. Then make one of those four payments every quarter. If your situation has changed then you can compensate for the change. The rule for penalties and interest is that you must pay in this year 90% of last years liability.

 
+7

Answer by  Att4372 (1704)

Complete form 1040-ES. Add you salary plus all other taxable income. Determine your filing status and number of dependents. Subtract itemized deductions. Look up tax in the appropriate table. Subtract W2 withholding plus credits. Divide balance by 4 to determine quarterly payments. Total paid for year must be 90% of tax due or 100% of previous year's tax.

 
+6

Answer by  chemteach (100)

Take the total of taxes owed for the previous year or 90% of what is anticipated for the next year. Divide this amount by four, and that is how much you need to remit to the IRS. Personalized receipts and envelopes can be printed out to ensure proper crediting.

 
+6

Answer by  Kurt (4579)

Do a rough estimate on your taxable income deposit based on the tax bracket you are in ( see IRS tables ) Don't forget 15. 3% FICA if self employed

 
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