Question

All > Business, Finance & Law

lynnElou: 1 year ago

Paying quarterly self-employment estimated taxes?

I did not become self-employed until 4/23/12, so I did not make the estimated tax payment due on 4/15/12. Does this mean that I divide my estimated tax by 3, for the 3 payments due, instead of dividing by 4 for the 4 quarters? Also, what if the number I've calculated as due seems really low? Can I pay more, just to be safe? I don't want to owe when I file!!

Answer This Question

Report as

Answer 1

NorahKee88: 1 year ago

If you are not sure about the payments that you have from the calculations that you did you can pay more. The extra will be forwarded to the next time you are paying. The estimated tax payment is done by dividing the amount by three depending on the time you started.

Helpful (2) Fun Thanks for voting Comments (1)

Report as

lynnElou: 1 year ago

I'm an accountant (not a personal tax advisor though), and I'm sure that I completed the forms correctly. I even double checked my math. The amount that I have to pay just seems very small in comparison to what I've paid in taxes when being an employee with a company. I fear that I would owe, but I wasn't sure if they would accept any amount I pay, since it differents from the form/worksheet amount. Thank you for your answer.

Report as

Add a comment...