When Estimated Tax Payments are Due-Fall 2011

When Estimated Tax Payments are Due-Fall 2011 - First...

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Income Tax Accounting 33:010:421 Fall 2011 Estimated Tax Payments Under the “pay-as-you-go” system for collection of taxes, taxpayers are required to pre-pay Federal income taxes in the form of withholding (from certain types of income such as from salary income) and estimated tax payments. Withholding is normally adequate for taxpayer’s receiving only salary income. However, those taxpayers with income not subject to withholding (such as self-employment income and interest and dividends) often must estimate the income tax that will be due (including self-employment tax) and make periodic payments during the year. Estimated tax payments are due in four quarterly installments as follows:
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Unformatted text preview: First installment due April 15 of the year to which the estimated payments relate Second installment due June 15 (of the year to which the estimated payments relate Third installment due Sept 15 (of the year to which the estimated payments relate) Fourth installment due Jan 15 (of the year subsequent to which the estimated payments relate) For example estimated tax payments which relate to the 2011tax year are due as follows: First Installment due on April 15, 2011 Second Installment due on June 15, 2011 Third Installment due on September 15, 2011 Fourth Installment due on January 15, 2012...
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This document was uploaded on 11/03/2011 for the course ACCOUNTING 415 at Rutgers.

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