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How do I pay my taxes quarterly and,or have them deducted…

How do I pay...

How do I pay my taxes quarterly and,or have them deducted from my ss benefit?

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When I filed

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When I received my tax return I was told I was penalized for not filing quarterly. How do I do that?

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3/14/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,799
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. In brief, you do not pay quarterly taxes from your social security benefits. However, you can have a certain percentage of federal taxes withheld from your benefits.

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You would complete the Form W4V (Voluntary Withholding Request) form. SEE BELOW:

-------------------------------

If you receive any government payment shown below, you may use Form W-4V to ask the payer to withhold federal income tax.

• Unemployment compensation (including Railroad Unemployment Insurance Act (RUIA) payments).

• Social security benefits.

• Social security equivalent Tier 1 railroad retirement benefits.

• Commodity Credit Corporation loans.

• Certain crop disaster payments under the Agricultural Act of 1949 or under Title II of the Disaster Assistance Act of 1988.

Dividends and other distributions from Alaska Native Corporations to its shareholders

--------------------------------------

How Much Can I Have Withheld?

For unemployment compensation, the payer is permitted to withhold 10% from each payment. No other percentage or amount is allowed. For any other government payment listed above, you may choose to have the payer withhold federal income tax of 7%, 10%, 12%, or 22% from each payment, but no other percentage or amount.

What Do I Need To Do?

Complete lines 1 through 4; check one box on line 5, 6, or 7; sign Form W-4V; and give it to the payer, not to the IRS.

REFERENCE SOURCE:

https://www.irs.gov/pub/irs-pdf/fw4v.pdf

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Tax.appeal.168, Tax Accountant
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