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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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How are quarterly taxes figured?

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How are quarterly taxes figured?
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com.

Your quarterly estimated payments basically ensure that you send in enough money to cover what your tax liability was for the year prior. So, you figure your estimated payments by taking line 63 of your tax return and subtracting it from line 62. This is your witholding subtracted from your total tax. This was the balance that you had due for the year prior.

If you know your income is increasing, then you can estimate your total tax by using a tool such as Intuit's TaxCaster. CLICK HERE Once you have your estimated liability, subtract what you expect to be withheld from your paycheck. Use this amount as your base

Once you have the amount, either from your projected tax or your prior year's balance due, divide it by four. This is what you should send in each quarter. The due dates are April 15th, June 15th, September 15th, and January 15th.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

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