@khurramch079 wrote:
Hi Opus
Taxes are withholding from my paychecks
how i can pay the penalty before filing the taxes?
i don’t know about it
and what is this $22000, i have to pay $20000 extra??
please let me know
I'm going by your figures. You said you had $11,666 withheld, and you expect to owe $9,555. That means your total tax liability to the government will be $21,221.
(Your tax liability is what you actually owe in taxes to the government overall. If you have $10,000 withholding and get a $2000 refund, your tax liability was $8000. Likewise, if you have $7000 in withholding and owe $1000 extra when you file your return, your tax liability is $8,000.)
If you expect your tax liability for 2021 to be $21,221, then to avoid a penalty, you must pay at least $19,291 into the tax system. If you did not have enough withholding taken out of your pay checks, you can make an electronic tax payment online at www.irs.gov/payments. Be sure to choose "2021 estimated taxes" from the menu. If your withholding was $11,666, then your estimated payment would have to be at least $7,625. If you make the estimated payment, you get credit on your tax return, and if you over-paid the estimate, you get the difference back as a refund. If you did not pay enough, you will need to send an additional payment with your tax return.
