quarterly taxes
1 view
Skip to first unread message
Church Office
Apr 11, 2008, 3:01:36 PM4/11/08
to florida...@googlegroups.com
webmasterflo...@gmail.com
Apr 29, 2008, 2:38:50 PM4/29/08
to Florida Small Business Forum
Hello Jo,
As you may know, the IRS gives the following definition of estimated
tax.
"Estimated tax is the method used to pay tax on income that is not
subject to withholding. This includes income from self-employment,
interest, dividends, alimony, rent, gains from the sale of assets,
prizes, and awards. You also may have to pay estimated tax if the
amount of income tax being withheld from your salary, pension, or
other income is not enough."
For the most detailed information, consult IRS Publication 505. Here
is a link:
http://www.irs.gov/publications/p505/ch02.html#d0e4494
In general, however, the IRS gives the following rules:
You must pay estimated tax for 2008 if both of the following apply.
1. You expect to owe at least $1,000 in tax for 2008, after
subtracting your withholding and credits.
2. You expect your withholding and credits to be less than the smaller
of:
90% of the tax to be shown on your 2008 tax return, or
100% of the tax shown on your 2007 tax return. Your 2007 tax return
must cover all 12 months.
I hope this helps.
Barbara Miracle
Editor
FloridaSmallBusiness.com
On Apr 11, 3:01 pm, "Church Office" <church.off...@lakewalesfpc.org>
wrote:
As you may know, the IRS gives the following definition of estimated
tax.
"Estimated tax is the method used to pay tax on income that is not
subject to withholding. This includes income from self-employment,
interest, dividends, alimony, rent, gains from the sale of assets,
prizes, and awards. You also may have to pay estimated tax if the
amount of income tax being withheld from your salary, pension, or
other income is not enough."
For the most detailed information, consult IRS Publication 505. Here
is a link:
http://www.irs.gov/publications/p505/ch02.html#d0e4494
In general, however, the IRS gives the following rules:
You must pay estimated tax for 2008 if both of the following apply.
1. You expect to owe at least $1,000 in tax for 2008, after
subtracting your withholding and credits.
2. You expect your withholding and credits to be less than the smaller
of:
90% of the tax to be shown on your 2008 tax return, or
100% of the tax shown on your 2007 tax return. Your 2007 tax return
must cover all 12 months.
I hope this helps.
Barbara Miracle
Editor
FloridaSmallBusiness.com
On Apr 11, 3:01 pm, "Church Office" <church.off...@lakewalesfpc.org>
wrote:
> How much money can you make before you have to pay quarterly taxes?
>
> Jo garrett
>
> Gamblerma...@aol.com
>
> Jo garrett
>
Reply all
Reply to author
Forward
0 new messages