Jakkal (jakkal) wrote,
Jakkal
jakkal

For anyone reading this that's good with taxes

I have to do the self employment tax from now on, which means I have to pay quarterly. I'm supposed to, I guess, figure out how much I'll make and then... do something and send in a check to the government. Then at the end of the year I pay or get a refund depending on how much I actually make and have to actually pay.

Something like that anyway.

I've done my taxes for 2005, and I have to pay that by the 17th. But I also have to pay for the first quarter of 2006 on the 17th. I've checked the IRS's site and stuff. Look guys, I totally suck at math, money and accounting. I cannot for the life of me figure this out. Can someone help me figure out how much I'm supposed to pay per quarter?

From what I found, I think the figure is: $755 + ((estimate yearly income - $7550) * 15%) = total taxes for the year.

Is that right? Cuz... holy mother of fuck, is that screwed up. I'm thinking about giving them $500 and hoping I don't have to pay much come April 2007.
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