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STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE for.SC.gov INSTRUCTIONS AND FORMS FOR 2017 DECLARATION OF ESTIMATED TAX FOR FIDUCIARIES FORM SC1041ES (Rev. 10/10/16) 3085 WORKSHEET AND RECORD OF ESTIMATED
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How to fill out of estimated tax payment
How to fill out of estimated tax payment
01
Gather all necessary financial information, such as income sources and deductions.
02
Use Form 1040-ES to estimate your tax liability for the year.
03
Calculate your total income and allowable deductions.
04
Determine your estimated tax liability by applying the appropriate tax rates.
05
Subtract any tax credits you are eligible for.
06
Divide your estimated tax liability by the number of payment periods in a year to determine your quarterly payments.
07
Submit your estimated tax payments on time using Form 1040-ES, along with your payment information.
08
Keep track of your estimated tax payments and reconcile them with your actual tax liability during tax filing season.
Who needs of estimated tax payment?
01
Self-employed individuals or freelancers who do not have taxes withheld from their income.
02
Individuals who receive income from sources where taxes are not automatically deducted, such as business owners or rental property owners.
03
Taxpayers who expect to owe at least $1,000 in taxes after subtracting their withholding or refundable credits.
04
Individuals with significant investment income or capital gains.
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