Judy:  If you are going to owe over $1000, you are required to file quarterly. That amount includes self employment tax, not only income tax, so doesn't take much income to reach. If you are paying in the money some other way, like a spouse having extra taken out of their paycheck for example, then you don't have to make quarterly payments.
2008-07-16 10:26:26

Ameenah E:  jh,.,huylgykpfgmfkomgfkldgmkdrktjritj0ryjitoyjrithjityhotkojyhofgiyjtdofpyjr6jytrjkopyrtjpdrkoptdrotjerojemtjio645rjyio
2008-07-16 10:26:35

v b:  Use a dummy tax return and determine the amount of your tax liability. Some retired/self-employment people just write one big check at the beginning of the year (or carry forward their refund from last year) and skip the rest of the quarters. This is easy, but ties up their money as a loan to the government. If you are single, under 65 and had only, say, interest income, you would trigger the estimated tax payment requirement at $18,291 of income. If you were self-employed, the trigger would be much lower, around $7077 of income.
2008-07-16 10:32:47

mainecpa:  Don't forget, you will owe self employment tax (use a flat rate of 15% to estimate this) on the profit after direct expenses from your 1099 work. So you could owe zero in INCOME tax but $150 in self employment tax. If you have a second job and it's "1099" work, chances are good that work is taxed up to a 50% rate!! 28% federal income tax, 15% self employment tax, and with a 7% STATE income tax rate, voila, you give 50% of every "1099" dollar to the taxmen.
2008-07-16 10:41:54

efflandt:  The point is if you owe more than $1000 year to date (over any previous payments or withholding) at the end of any quarter, you need to file estimated taxes. States may have a smaller amount for underwithholding penalty of state income tax.
2008-07-16 10:56:59