Estimated Tax Payment Calculator
This calculator helps self-employed individuals, freelancers, and those with investment income determine their quarterly estimated tax payments. Enter your anticipated income and deductions to calculate your estimated tax liability and payment schedule.
Your Tax Information
Filing Status & Income
Deductions & Credits
Safe Harbor & Prior Year
State Tax Estimation
Current Year Method
Prior Year Method
Making payments based on your estimated current year tax (90% of your annual tax liability).
Quarterly Tax Payment Schedule
Quarterly Payment Amount
Your Estimated Quarterly Payment
$2,500
Based on Current Year Method
Q1 – Apr 15, 2024
Current Quarter
$2,500
Q2 – Jun 15, 2024
Upcoming
$2,500
Q3 – Sep 15, 2024
Upcoming
$2,500
Q4 – Jan 15, 2025
Upcoming
$2,500
Annual Tax Breakdown
| Total Income | $95,000 |
| Adjustments to Income | -$5,000 |
| Adjusted Gross Income (AGI) | $90,000 |
| Standard/Itemized Deduction | -$13,850 |
| Taxable Income | $76,150 |
| Income Tax | $9,800 |
| Total Credits | -$2,000 |
| Withholding/Payments Made | -$2,000 |
| Total Tax Due | $10,300 |
Safe Harbor Options
Pay 90% of current year tax liability: $9,270
Pay 100% of prior year tax liability: $8,500
Tax Calculation Details
Tax Bracket Analysis
Payment Option Comparison
Your taxable income places you in the following tax brackets:
| Tax Bracket | Income Range | Amount in Bracket | Tax in Bracket |
|---|
The U.S. tax system is progressive, meaning different portions of your income are taxed at different rates. This breakdown shows how your income is taxed in each bracket.
The IRS offers different methods to calculate your estimated tax payments. To avoid penalties, you must pay the smaller of:
- 90% of the tax shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return (110% if your AGI was over $150,000)
Current Year Method (90%)
$9,270
Prior Year Method (100%)
$8,500
Recommended Minimum Payment
$8,500
Payment Recommendations
Action Steps:
Important Notes:
- This calculator provides estimates based on the information provided and current tax laws. Actual tax liability may vary.
- Quarterly estimated tax payments are due April 15, June 15, September 15, and January 15 (of the following year).
- If you expect your income to vary by quarter, you may need to adjust payments accordingly to avoid underpayment penalties.
- Self-employment tax calculations include both employer and employee portions of Social Security and Medicare taxes.
- Consider consulting with a tax professional for personalized advice tailored to your specific situation.