Comments on: Making Our First Estimated Tax Payment

By: » Tax Dates: 2009 Tax Calendar

» Tax Dates: 2009 Tax Calendar — Mon, 26 Jan 2009 22:25:01 +0000

[...] 15, 2009: Fourth quarter estimated tax payment due (or you can file your return and pay all tax due by February 2, [...]

By: What Exactly is Moolanomy? | Money Smart Life

What Exactly is Moolanomy? | Money Smart Life — Wed, 21 Jan 2009 14:15:19 +0000

[...] My Dollar Plan explains her experience with making her first estimated tax payment [...]

By: What Happens If You Cannot Pay Your Taxes?

What Happens If You Cannot Pay Your Taxes? — Mon, 19 Jan 2009 18:41:10 +0000

[...] How to Make Estimated Tax Payments After running our projections for the 2008 tax year, I found we were slightly short [...] [...]

By: Madison

Madison — Wed, 14 Jan 2009 19:54:12 +0000

@ Frugal Dad: Mary is right, there isn’t any way to have a “rule of thumb.” However, you can use your taxes for 2008 once you figure them out. Look at the highest tax bracket that you paid into. Add 15.3% for self employment tax and your state tax rate. For example (15% + 15.3% + 6% = 36.3%). It’s not very exact and doesn’t account for a lot of adjustments, but it’s a good place to start if your income will be about the same.

@ Start-up: That’s what I used to do when I had a job, dump in a bunch in November and December… works like a charm!

By: Mary

Mary — Wed, 14 Jan 2009 12:20:17 +0000

@FrugalDad – wouldn’t the answer depend on your tax bracket?

By: Done To Zen » Links for 1/13

Done To Zen » Links for 1/13 — Wed, 14 Jan 2009 02:48:40 +0000

[...] My Dollar Plan talks about how to avoid penalties by making estimated state tax payments. [...]

By: Start-Up

Start-Up — Tue, 13 Jan 2009 17:36:46 +0000

Very informative post. For most part time bloggers the most important part is that withholding from an employer is considered to have been paid evenly throughout the year. If you have been slacking in making estimated payments you can talk with your HR company to increase your withholding at the end of the year. Now it’s too late for 2008, but keep it in mind for 2009.

By: Frugal Dad

Frugal Dad — Tue, 13 Jan 2009 16:58:19 +0000

I know the answer depends largely on individual tax scenarios (married, kids, other deductions,etc.), but what is a good “rule of thumb” amount to set aside for paying taxes on self-employment income? I’ve heard as high as 30 percent and as low as 20 percent.