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Got a question about my quarterly tax payment for this (3rd)

Hi, Got a question about my...
Hi,
Got a question about my quarterly tax payment for this (3rd) quarter. I’ve only made $11,000 so far in 2017. But, I based my estimates for my quarterly's on a potential income of $28,000. I'm a resident of Pennsylvania and for state I pay 3.8%, for Federal I pay 20%.My question is I’ve already made the following payments; Qtr 1: Federal $1400, State $260, Qtr 2: Federal $1400, State $260. I always pay the same amount for the first 3 quarters, then pay more or less in the fourth depending on how much income I actually made.But since 3rd quarter is due. Do i need to pay my regular amount for my 3rd quarter or can i pay less? What about fines..interest...penalties? What do you recommend I do?Thanks for you help,
***** *****
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Answered in 6 minutes by:
9/13/2017
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,685
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

As long as you pay 90% of your current year tax liability (or 100% of your prior year tax liability) by January 15 OR you file and pay the remaining balance by the end of January you will avoid underpayment penalty.

If you only made 11K this year and already paid 2,800 in federal estimate, you already paid more than 25%. You can make a smaller estimate, just make sure that you make the last estimate, if needed in January.

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Any questions?

I generally review sales/revenue/income figures with my clients before I calculate their next quarter benefits. The printouts generated in April or when you file your return are based on projected income. You can use actual income to calculate your quarterly estimates.

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Customer reply replied 8 months ago
Ok Thanks. I really appreciate all the information.

You're welcome. Is there anything else I can help you with today?

emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,685
Experience: IRS licensed Enrolled Agent and tax instructor
Verified
emc011075 and 87 other Tax Specialists are ready to help you
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Customer reply replied 8 months ago
No, that was it. Thanks again and thanks for the quick response :-)
Have a good evening
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