Hi and welcome to Just Answer!The first step - we need to estimate your total tax liability
-- gross pay from your previous job - $161,941
-- expected wages from your new job $24,000 * 11 = $264,000
Assuming you are single, standard deduction
, no dependents, no other deductions
or credits - your expected tax liability would be ~$123,000.
It might be less if you itemize or have other deductions.Next step - you estimate your withholding
Assuming you filed W4 form with your new employer as Single with two allowances - your expected income tax
withholding will be $6360*11=$69,960
Total withholding $39,388 + $69,960 = $109348
For 2012, the maximum taxable earnings amount for Social Security (OASDI) taxes is $110,100. There is no limitation on taxable earnings for Medicare's Hospital Insurance (HI) taxes.
It is possible that your new employer will withheld Social Security (OASDI) taxes - if yes - you will be able to claim a refund on your tax return for $4624.
So your total expected tax payments is $109348 + $4624 = $113972
and you might owe additional - $123,000 - $113972 = ~$9000.
And the last step - to determine your estimated tax payments.
If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.
Thus - if your prior year tax liability is less than your expected payments - $113972 - you are not required to make estimated payments - and may pay all your tax liability by Apr 15 following year.
You may however - increase your withholding from paychecks to cover additional tax liability.
Please be aware that is a very raw estimate - and we may adjust it with deductions you most likely will have.
Let me know if you need any help.