I’m a new graduate and this is my first time sending in my quarterly taxes. I started working Sept 2011 and my IE income for 2011 (Sept 2011-Dec 2011) is around $25K. How much percent of $25K should I send in for my Jan 2012 quarterly tax stub? 30%? 33%? I don’t have a CPA yet and will probably find one end of Jan 2012 but it would be too late to figure out what to send in for the January deadline. Considering $25K is a low amount would 30% of $25K be okay? FYI I’ll be filing a W2 for my other PT job.
Can you give a poor guy a clue? I don’t want to underestimate and get fined either.
Did you have a tax liability for 2010? If so, what was it and have you had ANY taxes paid in 2011 through any other W-2 jobs? What are you other sources of income in 2011? What about deductions?
You will pay tax on your NET earnings and hopefully that’s a lot lower than your gross earnings. Without knowing anything else, 33% should be more than enough to keep you penalty free. There’s just not enough info to help guide you any better.
The payment isn’t due until January 15th so you still have plenty of time to chat with someone early in January to make sure you pay the right amount.