The 2021 tax return must cover 12 months. 100% of the federal tax shown on the 2021 tax return (or 110% if the 2021 adjusted gross income was in excess of $150,000 for MFJ).90% of federal tax to be shown on the 2022 return.In general, individuals would need to make estimated tax payments if the taxpayer expect s their withholding and credits for 2022 to equal less than the smaller of: Income received (as opposed to earned) may include alimony, unemployment compensation, interest or dividends earned, capital gains, or prizes and awards. Individual taxpayers, including partnership partners, S corporation shareholders, and those who are self-employed sole proprietors are generally required to make quarterly estimated tax payments if, after withholding and credits, they intend to owe $1,000 or more in taxes on the income they will earn and receive for the year. To avoid federal underpayment penalties, taxpayers must submit these payments on time, even if they expect a refund when they file their next income tax return. To meet your federal tax obligations and avoid underpayment penalties, individual taxpayers must pay at least 90% of the tax shown on the 2022 tax returns. Whether you are a US citizen or resident alien, you are subject to federal income tax on income earned or received throughout the year. Learn more about estimated taxes in this article. However, if you start a side business or have additional income this year that does not withhold taxes, or owed $1,000 or more on your 2021 taxes, you may be subject to paying estimated taxes in 2022. If you work for an employer that withholds the appropriate federal, state, and local taxes for you from your income, estimated tax payments may not be something you think about.
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