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Paying Estimated Taxes

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Money Talk > Taxes

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ruddaina
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Paying Estimated Taxes  Reply with quote  

Let's start by defining estimated tax. It is a prepayment of income tax and/or self-employment tax that you may owe for the current tax year on amounts that are not subject to withholding tax, such as interest income, dividends, alimony, rent and gains from the sale of assets. If you receive a W2 from your employer, they will likely take tax out throughout the year. Thus, you wouldn’t have to pay estimated taxes unless you had other sources of income. In general, you are required to pay estimated tax for the current year if the following applies:
You expect to owe at least $1,000 federal tax for the current year.
You expect your withholding from your pension, salary and/or other income subject to withholding tax, along with your credits to be less than the smaller of:
90% of the tax to be shown on your current year's tax return.
100% of the tax shown on your previous year's tax return, which must be for the full 12 months of that tax year.
Post Fri Apr 06, 2012 5:52 pm
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Barsedane
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Re: Hi  Reply with quote  

I am going to recieve a very large bonus at the end of this Year. Should I start paying estimated taxes now?
If I need to pay estimated taxes how do I go about it?
Post Mon Apr 09, 2012 7:08 am
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wishesmy0
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hih, Good ideas when have big money from bonus
Post Mon Apr 09, 2012 3:58 pm
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ruddaina
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Re: Hi  Reply with quote  

quote:
Originally posted by Barsedane
I am going to recieve a very large bonus at the end of this Year. Should I start paying estimated taxes now?
If I need to pay estimated taxes how do I go about it?


Its Depend, how much you gonna earn, in which city you are, and etc. Surprised
Post Tue Apr 10, 2012 10:52 am
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