I have always thought that taxes were due in April. However, a few years ago I learned that I need to pay quarterly tax estimates. So last year I electronically paid four tax estimates to irs.gov. The woman at the Philly, PA tax office told me to pay whatever I made for that quarter multiplied by .0307. NOTE: I paid quarterly taxes to irs.gov, and I did NOT pay any other quarterly taxes (to Pennsylvania).
This year I have been mailing checks to the PA Department Of Revenue. Until now, I didn’t think it mattered if I sent payment electronically to irs.gov or by mail to Pennsylvania Dept. of Revenue.
Now I’m sure people will think I’m an idiot, and you’re right. I’ve always had taxes taken out of my paycheck until recently, so the last few years have been the first time I’ve done my own taxes. I always use services like TurboTax to do my taxes before the April deadline. I’ve scoured the internet and have never found anyone explaining that I need to pay quarterly taxes to BOTH the IRS and to Pennsylvania Dept Of Revenue. But recently I learned that I’m pretty sure I am supposed to pay quarterly taxes to both. I figured the IRS was related to all state taxes, but like I said, I’m an idiot and I never learned this stuff.
Anyway, can someone with more knowledge please confirm how much I’m supposed to pay to IRS.gov and how much I’m supposed to pay to Pennsylvania Dept. of Revenue? I read that IRS asks for your income multiplied by .9235, then multiply that by .029. This year I haven’t submitted anything to the IRS, so should I mail a check now even though I missed the first three quarter dates?
For Pennsylvania, I have read that I owe my income multiplied by .0307. I guess I will mail a fourth check at the end of the year to Harrisburg, PA.
Are these amounts correct? Why are federal quarterly estimates lower than state?
Any help is greatly appreciated. I don’t want to keep having to pay penalty fees, but I haven’t learned any of this stuff before.
Should I sign up for a class or something? How to people learn this stuff?
Thanks in advance
