Hi Expert!
I wanted to confirm my estimated tax calculations for the year based on my current income and the payments I’ve already made.
Could you please review my calculations and confirm if the remaining balance of $7,756.63 is accurate for my next payment? If there are any adjustments or corrections needed, please let me know.
SG
We would need to know your whole tax return. Is the 80,000 from self employment? If that is your Net Profit after expenses you owe 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. The SE Tax will be about 11,300.
This will be my total income through self-employment before tax. I want you to confirm the amount of estimated tax I have to pre-pay this year (self employment and regular tax). Or do I ONLY have to pre-pay self employment tax?
Hello,
Your ES payment due dates actually are on this schedule:
Estimated tax payments are due as follows:
You would need to estimate your regular tax due as well as the SECA tax (social security and medicare). Take into account any other income, such as passive income, and credits you may be due. You avoid any penalties by paying in 100% of the tax you paid last year (110% if you make over $150K) or 90% of the current year.
You can also use the TurboTax software to generate ES coupons or estimates to pay online. Go to the search bar and look for W4.