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Daycare Center and Family Home Forum>For Those Of You That File Quarterly Taxes
MarinaVanessa 10:44 AM 03-22-2013
I have never paid quarterly taxes ... EVER. What is it? What are the advantages and disadvantages? How do you do it? As in what forms do you need and where do you pay, how much etc? I've never owed taxes before but I have a feeling that I very well may have to next year so I'm wondering if this is better??? Comments, Ideas?
EntropyControlSpecialist 10:46 AM 03-22-2013
I owe. I will be sending in 20% of what I made from Jan.-March by April 15.
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
At the very bottom you will see "payment vouchers" (4). They each have the due date on them.
1 - April 15
2 - June 17
3 - September 16
4 - January 15
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
At the very bottom you will see "payment vouchers" (4). They each have the due date on them.
1 - April 15
2 - June 17
3 - September 16
4 - January 15
Jewels 10:48 AM 03-22-2013
I also get confused on this, my tax preparer said since my husband files 0, and I have never owed more than $40, that I have been fine to not pay quarterly, last year I got my income down to $18000, and owed $40. this year I think I can get it fairly close if maybe $19000 instead, so I don't think I'll owe to much more than last year.but next year, I do not think I will be able to be so lucky, not sure If I should have my husband have even more taken out of his checks, set aside, or pay quarterly, guess I'll ask my tax guy tomorrow.
Jewels 10:49 AM 03-22-2013
Originally Posted by EntropyControlSpecialist:
I owe. I will be sending in 20% of what I made from Jan.-March by April 15.
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
At the very bottom you will see "payment vouchers" (4). They each have the due date on them.
1 - April 15
2 - June 17
3 - September 16
4 - January 15
Shoot that would be $2500, I sure didn't plan for that.I owe. I will be sending in 20% of what I made from Jan.-March by April 15.
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
At the very bottom you will see "payment vouchers" (4). They each have the due date on them.
1 - April 15
2 - June 17
3 - September 16
4 - January 15
MissAnn 10:52 AM 03-22-2013
Originally Posted by Jewels:
I also get confused on this, my tax preparer said since my husband files 0, and I have never owed more than $40, that I have been fine to not pay quarterly, last year I got my income down to $18000, and owed $40. this year I think I can get it fairly close if maybe $19000 instead, so I don't think I'll owe to much more than last year.but next year, I do not think I will be able to be so lucky, not sure If I should have my husband have even more taken out of his checks, set aside, or pay quarterly, guess I'll ask my tax guy tomorrow.
I think as long as you pay 90% through the year you are OK. I might have the % wrong but someone will correct me.I also get confused on this, my tax preparer said since my husband files 0, and I have never owed more than $40, that I have been fine to not pay quarterly, last year I got my income down to $18000, and owed $40. this year I think I can get it fairly close if maybe $19000 instead, so I don't think I'll owe to much more than last year.but next year, I do not think I will be able to be so lucky, not sure If I should have my husband have even more taken out of his checks, set aside, or pay quarterly, guess I'll ask my tax guy tomorrow.
Jewels 10:54 AM 03-22-2013
Yeah your right, I should have my husband increase his withholdings, I think I'll be fine for this year, but next year won't be as good. but I'm not sure what I should tell him to increase them to, right now he files 0....where do you go from zero?
Patches 10:56 AM 03-22-2013
Originally Posted by Jewels:
Yeah your right, I should have my husband increase his withholdings, I think I'll be fine for this year, but next year won't be as good. but I'm not sure what I should tell him to increase them to, right now he files 0....where do you go from zero?
Yeah your right, I should have my husband increase his withholdings, I think I'll be fine for this year, but next year won't be as good. but I'm not sure what I should tell him to increase them to, right now he files 0....where do you go from zero?
Does he claim married, but withold at the higher single rate?
momofsix 10:58 AM 03-22-2013
Our accountant told us how much we should pay each quarter so that we won't owe (hopefully) at tax time.
I pay it https://www.eftps.gov/eftps/ here. Very simple and easy to do! It's free too!
I pay it https://www.eftps.gov/eftps/ here. Very simple and easy to do! It's free too!
Jewels 10:58 AM 03-22-2013
Its probably just married, so he should file Single 0? should he do even more than that?
itlw8 11:03 AM 03-22-2013
dh claims married at a higher single rate 0 deductions ( so he does not claim himself. he also has an extra $20 taken out for state and $50 for feds. We got a refund so he needs to change that. We keep an eye on it and stop the extra money later in the year
DaisyMamma 11:07 AM 03-22-2013
I too want to start paying and I'm glad you started this thread. If I keep going without paying I will get nothing from social security when its time to retire.
So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all.
I think I better start next year 
If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?
So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all.
I think I better start next year If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?
Jewels 11:16 AM 03-22-2013
Originally Posted by DaisyMamma:
I too want to start paying and I'm glad you started this thread. If I keep going without paying I will get nothing from social security when its time to retire.
So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all. I think I better start next year
If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?
Thats how I am so far by then end of march I will be at 13k.I too want to start paying and I'm glad you started this thread. If I keep going without paying I will get nothing from social security when its time to retire.
So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all.
I think I better start next year If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?
Jewels 11:19 AM 03-22-2013
Originally Posted by itlw8:
dh claims married at a higher single rate 0 deductions ( so he does not claim himself. he also has an extra $20 taken out for state and $50 for feds. We got a refund so he needs to change that. We keep an eye on it and stop the extra money later in the year
Can I ask how much you usually gross? and does your husband get paid weekly or Bi-weekly?dh claims married at a higher single rate 0 deductions ( so he does not claim himself. he also has an extra $20 taken out for state and $50 for feds. We got a refund so he needs to change that. We keep an eye on it and stop the extra money later in the year
Patches 11:25 AM 03-22-2013
Originally Posted by Jewels:
Its probably just married, so he should file Single 0? should he do even more than that?
Not single. There are 3 options:Its probably just married, so he should file Single 0? should he do even more than that?
Single
Married
Married, but withold at higher single rate
And he should still claim 0, but you may also have to have him take extra out.....from my understanding
DaisyMamma 11:28 AM 03-22-2013
Originally Posted by Patches:
Not single. There are 3 options:
Single
Married
Married, but withold at higher single rate
And he should still claim 0, but you may also have to have him take extra out.....from my understanding
That makes sense to me only if you aren't worried about your own SS. What happens if god forbid you split up. He got all the taxes out of his check and you didn't pay into your SS because of it. Then you get nothing. Am I totally off track? I really don't "get" tax stuff.Not single. There are 3 options:
Single
Married
Married, but withold at higher single rate
And he should still claim 0, but you may also have to have him take extra out.....from my understanding
MyAngels 11:31 AM 03-22-2013
Originally Posted by DaisyMamma:
I too want to start paying and I'm glad you started this thread. If I keep going without paying I will get nothing from social security when its time to retire.
So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all. I think I better start next year
If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?
The IRS has a publication to help figure out whether you need to pay quarterly or not: http://www.irs.gov/publications/p505/index.htmlI too want to start paying and I'm glad you started this thread. If I keep going without paying I will get nothing from social security when its time to retire.
So, we download these coupons and send in 20% of our pay for the 3 months, right?
So my question is what if I make 12k in the 3 months, but at the end of the year I know I will write off 25% of that, meaning my net pay isn't 12k, its 9k. Do I send in $1800 or do I send in $2,400?
Holy cow. I'm not prepared for that at all.
I think I better start next year If Im not mistaken you don't get a refund at the end of the year if you over pay? Where does it go then? Is it all in your SS or does the gov just keep it? Or am I misinformed?
Whether you pay in quarterly doesn't determine whether you'll receive Social Security benefits. It's the amount of self-employment tax you pay that determines that.
If you don't want to pay quarterly taxes you'll need to adjust your spouse's withholding to account for your taxes, too. If the amount withheld at the highest rate is not enough, you can also have their employer withhold a set amount each paycheck to make up the difference.
If you overpay you will get that amount refunded at the end of the year when you file your tax return. It's no different than if your spouse withheld too much.
snbauser 11:32 AM 03-22-2013
I have my dh withhold extra from his checks. When I first started I paid quarterly and the IRS messed it up because they didn't match my EIN to his SS as the head of household on our taxes. I had to spend hours on the phone proving that I paid the quarterly . On my dh's withholding he claims the married and 5 that he normaly would claim and then there is a spot that he can claim and extra set amount. That is where we put the extra withholding.
EntropyControlSpecialist 11:32 AM 03-22-2013
I believe the extra is credited to your next payment (next year???).
MyAngels 11:36 AM 03-22-2013
Originally Posted by DaisyMamma:
That makes sense to me only if you aren't worried about your own SS. What happens if god forbid you split up. He got all the taxes out of his check and you didn't pay into your SS because of it. Then you get nothing. Am I totally off track? I really don't "get" tax stuff.
You should be getting a statement every year shortly before your birthday that will show your income each year and how much your estimated social security benefit will be. That makes sense to me only if you aren't worried about your own SS. What happens if god forbid you split up. He got all the taxes out of his check and you didn't pay into your SS because of it. Then you get nothing. Am I totally off track? I really don't "get" tax stuff.
When you file "Married Filing Jointly" any tax your spouse has withheld through the year will go to pay your joint taxes, along with any amount that you may pay quarterly. They don't differentiate where the money came from since it's a joint return.
snbauser 11:39 AM 03-22-2013
Originally Posted by DaisyMamma:
That makes sense to me only if you aren't worried about your own SS. What happens if god forbid you split up. He got all the taxes out of his check and you didn't pay into your SS because of it. Then you get nothing. Am I totally off track? I really don't "get" tax stuff.
Where the taxes come out of doesn't matter for your SS. When you file your taxes it is joint income and joint taxes. Your SS comes from your self employment tax that is calculated based on your income. For the last 10 years my dh has had extra taken out of his checks to cover my taxes and I still get my SS statement that shows my income each year.That makes sense to me only if you aren't worried about your own SS. What happens if god forbid you split up. He got all the taxes out of his check and you didn't pay into your SS because of it. Then you get nothing. Am I totally off track? I really don't "get" tax stuff.
MarinaVanessa 01:20 PM 03-22-2013
Originally Posted by Jewels:
I also get confused on this, my tax preparer said since my husband files 0, and I have never owed more than $40, that I have been fine to not pay quarterly, last year I got my income down to $18000, and owed $40. this year I think I can get it fairly close if maybe $19000 instead, so I don't think I'll owe to much more than last year.but next year, I do not think I will be able to be so lucky, not sure If I should have my husband have even more taken out of his checks, set aside, or pay quarterly, guess I'll ask my tax guy tomorrow.
I'm a little lost here. You made $18,000 anns still had to pay $40? I myself make more than that and have always received a refund. The year before last I made over $20K and still didn't have to pay. Last year I made over $27K so I'm wondering what that means for this year. I;m still waiting to find out whether I owe or not.I also get confused on this, my tax preparer said since my husband files 0, and I have never owed more than $40, that I have been fine to not pay quarterly, last year I got my income down to $18000, and owed $40. this year I think I can get it fairly close if maybe $19000 instead, so I don't think I'll owe to much more than last year.but next year, I do not think I will be able to be so lucky, not sure If I should have my husband have even more taken out of his checks, set aside, or pay quarterly, guess I'll ask my tax guy tomorrow.
Jewels 04:25 PM 03-22-2013
18k was my adjusted gross after deductions, I think my all together last year was 40k, this year my income is 54k, and I can get it down to 19k, so ill be taxed on that, but this year ill be pulling in a little over 60k with not as many deductions...
MarinaVanessa 04:40 PM 03-22-2013
Originally Posted by Jewels:
18k was my adjusted gross after deductions, I think my all together last year was 40k, this year my income is 54k, and I can get it down to 19k, so ill be taxed on that, but this year ill be pulling in a little over 60k with not as many deductions...
Oooooooooh, ok. Now I get it 18k was my adjusted gross after deductions, I think my all together last year was 40k, this year my income is 54k, and I can get it down to 19k, so ill be taxed on that, but this year ill be pulling in a little over 60k with not as many deductions...
