Not exact matches
In Rhode Island, when the
tax man comes calling for his 5.99 percent, that would mean an
estimated $ 23.3 million, forked over in a
single payment.
I don't know how the $ 400 figure you quote was arrived at, but I would suspect that if you have any investment income through mutual funds at all, you both would be better off requesting to have
taxes withheld at the «Married but withhold as if I were a
single person» rate so as to avoid a penalty for paying too little
tax or having to scrabble to make a 4th quarter Estimated Tax Payment once the mutual funds make their annual distributions in Decemb
tax or having to scrabble to make a 4th quarter
Estimated Tax Payment once the mutual funds make their annual distributions in Decemb
Tax Payment once the mutual funds make their annual distributions in December.
If you don't make quarterly
tax payments, but instead make a
single tax payment by April 15 of the following year, you may have to pay a penalty for underpayment of
estimated taxes.
This might be necessary if you were using the savings tracker to save for a few different irregular expenses (like a semi-annual insurance bill, quarterly
estimated taxes, Christmas, etc.) and needed to make a
single transfer into your spending account to make
payments on more than one irregular expense.
You can avoid an underpayment penalty if withholding or
estimated payments equal at least 90 % of your
tax liability for the current year, or 100 % of your
tax liability for the previous year (or 110 % if your income was more than $ 150,000 for
singles and married joint filers).