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Form W-4 (2012) Purpose. Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation

How to fill out and estimated tax

How to fill out an estimated tax:

1. Start by determining if you need to pay estimated tax. Generally, individuals who expect to owe at least $1,000 in tax after subtracting their withholding and refundable credits, or if their withholding and refundable credits will be less than 90% of the tax to be shown on their current year’s tax return, are required to pay estimated tax.
2. Gather all the necessary information to calculate your estimated tax. This includes your expected income for the year, any adjustments you may need to make to that income, and any deductions or credits that may apply to you.
3. Use Form 1040-ES to calculate and pay your estimated tax. You can find this form on the IRS website or at any local IRS office. The form includes instructions on how to calculate your estimated tax liability and provides payment vouchers for each payment period.
4. Fill out your personal information on Form 1040-ES, including your name, address, social security number, and filing status.
5. Calculate your expected income for the year and any adjustments you need to make. This can include self-employment income, rental income, or other sources of income that are not subject to withholding.
6. Determine your estimated tax liability by applying the appropriate tax rates to your income and factoring in any deductions or credits that apply to you.
7. Determine your required annual payment by dividing your estimated tax liability by the number of payment periods. For most individuals, there are four payment periods throughout the year.
8. Fill out the payment vouchers provided on Form 1040-ES for each payment period. Include your estimated tax liability, any prior year overpayment applied, and the total payment due.
9. Make your estimated tax payments by the due dates specified on each payment voucher. You can make your payments online, by mail, or through electronic funds withdrawal.

Who needs estimated tax:

1. Self-employed individuals who do not have taxes withheld from their income.
2. Individuals with significant income from interest, dividends, capital gains, or other sources not subject to withholding.
3. Individuals who receive alimony or partnership income.
4. Individuals who have a tax liability that exceeds their withholding and refundable credits.

Remember, the above information is a general guideline and may not apply to all situations. It's always a good idea to consult a tax professional or refer to the IRS website for specific guidance on your individual case.

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