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Hello and thank you for using Just Answer,Yes you would base your estimates on the previous years tax. You could look at the tax liability and as long as you remitted 100% of that you would not have a penalty for 2013 nor would you need to make quarterly payments for your federal estimates. To be really more accurate you should look at your income each quarter but if you just do not want to have a penalty then make a payment that is at least as much as your total tax liability for the previous tax year on your return.
For Mass you are required to make the 4 quarterly payments.
Estimated tax for annualized income allows taxpayers who earn their income unevenly throughout the year to adjust their estimated installment payments by annualizing their income. This way if you earn more in one quarter you would not be penalized but if you earn about the same in each quarter and made one payment the state could still penalize you.
I know that the quarterly payments are not easy to remember. If you decide to make one payment for the state then you should pay in at least 100% of your previous years liability like advised on federal.