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Here is a rough estimate.......sm [2007-09-03]
You need to pay 15.3% for SS and Medicare, figure out your federal tax bracket and then pay accordingly, i.e., are you married, single, children?, etc., whatever tax bracket you are in and estimate your federal taxes, usually around 15% of your income. If Arizona has state income tax, you will need to allow for that. State and federal need to be paid quarterly. You can pull the forms off line. So, 15.3% SS and medicare, 15% for federal, plus state taxes, if any, and that should about do it. Have fun writing those checks! Again, you need to figure out your federal income tax bracket first.
Here is a rough estimate.......sm [2007-09-03]
You need to pay 15.3% for SS and Medicare, figure out your federal tax bracket and then pay accordingly, i.e., are you married, single, children?, etc., whatever tax bracket you are in and estimate your federal taxes, usually around 15% of your income. If Arizona has state income tax, you will need to allow for that. State and federal need to be paid quarterly. You can pull the forms off line. So, 15.3% SS and medicare, 15% for federal, plus state taxes, if any, and that should about do it. Have fun writing those checks! Again, you need to figure out your federal income tax bracket first.
Are you married, single??? [2007-04-28]
If you are married you can have your husband over withold and not pay quarterly. And some years I have just not paid quarterlies and just paid the penalty -- which was never much for me. But on the IRS site if you search for quarterly forms, you should get the correct forms that you need. You do not need the 1040 until you file next year. To estimate see last year what your tax liability was and if it is entirely up to you then take off what you project as your write-off Again, you can go off of last years (2006) to see what you paid in taxes and divide into quarterly or thirds of half in you decide to just pay two times or three times estimates. But again, somewhere on the IRS site for forms, they should be there.
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