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.
Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a happy, and safe, holiday season.
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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.