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We need money for Schools, Social Security is claiming it needs more money, We just implemented a new Medical system because the money fell out from underneath it. We changed in the last 15 to 20 years to a 1099 tax collecting system from a taxes, social security, and health being pulled out at Point of Pay from our paychecks. We really need to make easy again for the people to pay taxes. If taxes are at 11.0% anually for 10,000 to 20,000 and the average check in that tax bracket is say $300.00. When it comes to tax time at the end of the year its 1584.00. Divided by 4 its 396.00. Thats still bigger than one check. We need a Versa Teller to make it easier for the citizen to pay their taxes. That way the people can pay their taxes every week.
If you consider putting the money you owe weekly into a tax account, you would still have to file at the end of the year with a tax accountant. Keeping their jobs intact but putting the money you need to pay somewhere the government can use it immediately to help with creating more jobs and paying the Nations bills.
If you are payed up you can possibly give more than you need to and then still have a nice Christmas bonus check. The government can offer incentives to get people to pay more too thereby collecting more. In this way we have a great way to show a persons value to the country and possibly give citizenship to people who really put forth an effort to be a part of. A tax payer id that could easily be attained for those that are already here maybe.
Top of page three: "You can make more than four estimated tax payments. To do so, make a copy of one of your unused estimated tax payment vouchers, fill it in, and mail it with your payment. If you make more than four payments, to avoid a penalty, make sure the total of the amounts you pay during a payment period is at least as much as the amount required to be paid by the due date for that period."
The goal of this site is to break down tax payments to weekly and bi-monthly installments for those that wish to do so. There will also be quarterly and Anually option available. The estimated tax payment vouchers will be printed out at the bottom for you once you have entered your numbers.
1a. Enter your expected income and profits subject to self-employment tax. Your net profit from self-employment is found on Schedule C (Form 1040), line 31; Schedule F (Form 1040), line 34; Schedule K-1 (Form 1065), box 14, code A; and Schedule K-1 (Form 1065-B), box 9, code J1. ***This is income via 1099***
b. If you will have farm income and also receive social security retirement or disability benefits, enter your expected Conservation Reserve Program payments that will be included on Schedule F (Form 1040) or listed on Schedule K-1 (Form 1065)
2. Subtract line 1b from line 1a
3. Multiply line 2 by 92.35% (0.9235)
4. Multiply line 3 by 2.9% (0.029)
5. Social security tax maximum income
6. Enter your expected wages (if subject to social security tax or the 6.2% portion of tier 1 railroad retirement tax)***Line 6 is for any W2 wages you receive which are subject to income tax when you file your 1040, but already have social security and medicare taxes and potentially federal and state withholding taken out. Self employment income is subject to self employment tax plus income tax and thus the worksheet makes a distinction between what you earned as a self employed person (line 1) vs what you earn as an employee (line 6) Wray Rives, CPA CGMA***
7. Subtract line 6 from line 5 Note. If line 7 is zero or less, enter -0- on line 9 and skip to line 10.
8. Enter the smaller of line 3 or line 7
9. Multiply line 8 by 12.4% (0.124)
10. Add lines 4 and 9. Enter the result here and on line 11 of your 2017 Estimated Tax Worksheet
11. Multiply line 10 by 50% (0.50). This is your expected deduction for self-employment tax on Form 1040, line 27. Subtract this amount when figuring your expected AGI on line 1 of your 2017 Estimated Tax Worksheet
Expected deduction for self-employment tax on Form 1040, line 27. Subtract this amount when figuring your expected AGI on line 1 of your 2017 Estimated Tax Worksheet