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You must pay an amount of Income Tax and/or Capital Gains Tax for each tax year (6th April one year to 5th April the next) that is at least equal to the amount of tax that the Parochial Church Council
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Estimated taxes are payments made to the IRS throughout the year on income that is not subject to withholding, such as self-employment income, interest, dividends, and rental income.
Individuals who expect to owe tax of $1,000 or more when their return is filed are required to make estimated tax payments.
To fill out estimated tax payments, individuals generally use IRS Form 1040-ES, which includes a worksheet to calculate the amount owed based on expected income, deductions, and credits.
The purpose of making estimated tax payments is to meet tax obligations throughout the year, preventing a large tax bill or penalty at year-end.
Individuals must report their expected income, deductions, and credits to determine the appropriate estimated tax payment amount.
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