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HOW MUCH QUARTERLY TAX WOULD YOU PAY ON 45000.00. CALIFORNIA…

HOW MUCH QUARTERLY TAX...

HOW MUCH QUARTERLY TAX WOULD YOU PAY ON 45000.00

Accountant's Assistant: What state are you in? It matters because laws vary by location.

CALIFORNIA

Accountant's Assistant: Has anything been filed or reported?

NO

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Answered in 2 minutes by:
10/16/2017
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,318
Experience: Taxes, Immigration, Labor Relations
Verified

Your quarterly estimate tax payments are based on two amounts

(1) your tax liability as reported on prior year tax return

(2) your expected tax liability for the current year.

We need to take the smaller of these two accounts and divide it by four - that is the amount you are expected to pay.

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Customer reply replied 10 months ago
THANK YOU BUT DO I NEED TO FILE AN ENTIRE 1040 IN ORDER TO DO THIS
Customer reply replied 10 months ago
I NEED TO GO PICK UP MY GRANDAUGHTER IN 20 MIN CAN YOU CALL AFTER THAT

Sure - we may discuss later whenever that is convenient for you.

If we determine the amount of estimate tax payments for 2017 - we do need to have your 2016 tax return,

but you woudl not have your 2017 tax return yet - so for that we will need to have the best guesstimate.

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So far - you will need TWO amounts - one is exact amount from your past tax return another - is your expected tax liability.

I will help you with determination if needed.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,318
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
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For IRS direct Pay - go to this page

https://directpay.irs.gov/directpay/payment?execution=e1s1

Select "Estimate Taxes as a reason

Tax Period - use 2017

.

For CA FTB - use this page to make payment

https://www.ftb.ca.gov/online/webpay/index.asp

.

If you are not able to pay the full amount - pay as much as you could - that will help to reduce underpayment penalty.

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