Individual Income Estimated Tax Payment Voucher: Fill & Download for Free

As self-employed individual, you file an annual return but usually pay estimated taxes on a quarterly basis. Quarterly taxes generally fall into two categories: The self-employment tax (Social Security and Medicare) Income tax on the profits that your business made and any other income.Estimated payments are typically due on April 15, June 15, and September 15 of the tax year, and the final payment is made on January 15 of the following year. If any of these days falls on a holiday or weekend, you have until the following workday to make your payment.The IRS says that for most taxpayers, if your estimated tax payments equal at least 90% of the total that you ended up owing for the year, or at least 100% of the tax you paid on the previous year, you won't get hit with an underpayment penalty. So even if you've got absolutely no idea how much you'll owe for the current year, you can still use the previous year's numbers to calculate your estimated payments. Even if those payments end up being way off the mark, you won't owe a penalty.To submit your payment, you have a few options including:Sign up for the Electronic Federal Tax Payment System, or EFTPS. The system allows anyone to pay taxes they owe.Pay online via the IRS at Payments | Internal Revenue Service.Pay using debit or credit card.Remit a check or money order using estimated tax payment voucher.

The GOP tax “cut” is widely misrepresented and misunderstood by most.While some hail the increase of the standard deduction to $24,000 from $13,000 (married filing jointly), they miss the fact that the personal exemption has been eliminated. This would have been $8,300 for a married couple.It is true that many people will see their taxes go down—temporarily. A couple earning $75,000 who does not itemize will see their taxes drop by $1,363. If they happen to own a home and therefore benefit from itemizing, as 40 million taxpayers have been doing, their picture looks different.Someone earning $75,000 is likely to qualify for a $400,000 home with a 5% down payment. Between mortgage interest and property tax, they’ll deduct approximately $22,100. This will lower their tax by $1,365 compared to taking the standard deduction.Under the new law, however, their itemized deductions would be less than the $24,000 standard deduction. They would save, uh…I’m sorry—their taxes would increase by $2.00Of course, this is not a deal breaker—and 70% of the tax returns filed do take the standard deduction. But with the elimination of the Individual Mandate (the requirement to have health insurance or pay a fine) health insurance premiums will go up. The Congressional Budget Office has estimated that premiums will increase next year by at least 10% as a direct result of removing 1 million healthy people from the insurance pool.There is another effect of the tax bill, and it has to do with the effect on real estate ownership. The tax benefits of home ownership kick in when the total of mortgage interest, property tax and state income tax (if any) exceed the available standard deduction. Because the bill has raised the threshold where those benefits appear, people buying at the lower end of the price scale (even in pricey areas like California, New York, New Jersey and Connecticut) carries no tax benefits at all. Our example couple buying a $400,000 home with a minimal down payment would receive no tax benefits at all from owning their home. Additionally, someone who has an equity line up to $100,000 will no longer be able to deduct the interest, regardless of when they incurred the debt. These people will in all likelihood see a tax increase.My opinion:The GOP tax bill is a thinly disguised upward transfer of wealth from the middle class. While there are some whose taxes will drop temporarily (especially if they have children), the “savings” will likely be eaten up by the increase in health insurance premiums. The very wealthy—especially those who own corporations and pass-through entities—will, as Trump boasted to his friends at Mar-a-Lago after the bill’s passage, get “a lot richer.”The nonpartisan CBO has estimated that the bill will add $1.5 trillion to the deficit over the next decade. You should not misunderstand the difference between “debt” and “deficit.” The deficit is the shortfall between revenue (taxes collected) and spending. The debt grows by the amount of the deficit. When people see “$1.5 trillion added to the deficit,” they tend to think that this is the amount added to the debt. That is not the case. Unless supply-side economics suddenly starts to work (unlike the past), our debt will grow far beyond the $1.5 trillion deficit. When that happens, the GOP will suddenly become deficit hawks again, and look for ways to cut “entitlements:” Social Security and Medicare. Even though these two essential programs are funded separately, through payroll taxes, they will try to raise the retirement age, cut cost-of-living adjustments and benefits and turn Medicare into a voucher system. All of these will act to the detriment of the people who depend on them.Everything I have written here, save what I have identified as my opinion, is documentably, verifiably and objectively true. If telling the truth about the “tax cuts” made by the GOP (not Trump—he had nothing to do with them) is “trying to ruin” them, then I am proudly guilty.

Check the other answer's math - 12.5% of 2.4Trillion = $300 billion, not 30 trillionThe individual income tax in 2015 is projected amount to $1.45 trillion, not $2.4 Trillion, as the remaining amounts are raised by Corporate income taxes, payroll taxes, excise, and customs (source: Federal Revenue: Where Does the Money Come From )In 2012, only 145 million individual returns were filed (https://www.irs.gov/pub/irs-soi/12rswinbulreturnfilings.pdf )Consider that the bottom 50% of all filers only pay 2% of all federal income taxes (IRS data: The top 1% pay 37% of all taxes, the bottom half pay 2%, a blubbering David Letterman can't believe the facts - AEI )Considering all of this data, the effects of 1 million individual returns could easily be huge, or minimal, depending on what income strata they belong to. Additionally, we have no idea if these individuals already had withholding imposed on their earnings, which is then already received by the IRS, or if they are completely based on the estimated payments and vouchers submitted by the individuals themselves.For the sake of assumption, then the 1 million selected is representative of the entire population, and not a single one of them has remitted ANYTHING in taxes by withholdings or any other payment method, voluntary or involuntary, then:1 million returns of 145 million = 0.6897%0.6897% of $1.45 Trillion = drumroll....$10 billion.$10B is a big deal, but not so big that it shuts down the government or anything. As an example, the department of defense budget has regularly had increases/decreases in amounts twice that size.