This information is critical for completing next year's return and you will need it for calculating any interest or penalties resulting from underestimating your tax liability.
Additional Taxes for the Self-Employed In addition to income tax, those who are self-employed are also required to submit estimated tax payments for their SE ( Self-employment tax ) tax.
How do I calculate the amount of my federal quarterly estimated tax payments?
What are the filing dates for federal quarterly estimated tax payments?Who Must Pay Estimated Taxes?If you're in a traditional job, your employer takes federal income taxes (and state taxes, where applicable) from your paycheck and sends to the.Form 1040-ES includes an Estimated Tax Worksheet to help you calculate your federal estimated tax payments. .September 15, 2017, september 1 - December 31, 2017.You may also earn rewards on your credit card.What Are fedex company store promo code Estimated Taxes?
If you forget to pay (like Ive done before then you should make a payment as soon as possible even though it is late.
Postmark is considered the date of payment.How do I pay?The IRS provides various methods for making 2017 quarterly estimated tax payments: You may credit an overpayment on your 2016 tax return to your 2017 estimated tax; You may mail your payment with payment voucher, Form 1040-ES ; You may pay by phone or online (refer.Examples section of this site.How do I obtain additional information regarding federal quarterly estimated tax payments?Form 1040-ES instructions, pg 3 You may pay via electronic funds withdrawal with your 2016 e-filed return.
Note that there is also a self-employment tax deduction, along with a host of other deductions that you maybe eligible to take, which can reduce your tax liability.
Government expects you to pay income tax.