Information courtesy of IRS.gov
Employees usually have taxes withheld from their pay. If they don’t have taxes withheld, or don’t have enough tax withheld, then they may need to make estimated tax payments.
Tips about making estimated taxes:
- When the tax applies. You should pay estimated taxes in 2015 if you expect to owe $1,000 or more when you file your federal tax return next year.
- How to figure the tax. Estimate the amount of income you expect to receive for the year. Take into account any tax deductions and credits that you will be eligible to claim. Use form 1040-ES to figure and pay your estimated tax.
- When to make payments. Normally estimated tax payments are made four times a year. The dates that apply to most people are April 15, June 15 and Sept. 15 in 2015, and Jan. 15, 2016.
- When to change tax payments or withholding. Life changes, such as a change in marital status or the birth of a child can affect your taxes. When these changes happen, you may need to revise your estimated tax payments during the year. If you are an employee, you may need to change the amount of tax withheld from your pay. If so, give your employer a new Form W–4, Employee’s Withholding Allowance Certificate.
- How to pay estimated tax. Pay online using IRS Direct Pay, by phone or by mail.
