Paying your taxes quarterly?

[carol b]

I wonder how one would do this. I have a job that I get paid
for but the taxes don't get done till the end of the year. Does
anyone know how to go about paying them quarterly.

I am worried that I will have to pay a large amount at the end of the
year. This would not be a good thing. Help please.

[moneysense]

People who are most likely to have to pay their taxes quarterly, include, landlords, some investors, and people that are self employed.

The need to make quarterly payments happens when a persons withholding taxes wont cover the amount of taxes owed at the end of the year.

To figure what you owe isnt all that hard, and only takes about an hour. What you do to figure what you owe is get out your last tax statement and look lines 62 (your total tax), and line 63 (withholding).

Subtract the total tax minus the withholding. This will give you your unfunded tax liability, then divide this number by 4 for the quarterly amount owed, or by 12 for the monthly amount you would pay.

Quarterly payments are due on April 15th, June 15th, September 15th, and January 15th. Use for 1040-ES when making these payments.

[pennypinch]

If you are self-employed, in most cases it is much easier to pay taxes quarterly. This way you avoid owing a chunk to the government all at one time.

I am self-employed but do not pay taxes quarterly. The reason for this is because I have another job in which I am not self-employed. Taxes are automatically taken out of my paycheck for this job and I have my status set as single (even though I am married with three kids) so that they will take the maximum amount from me each pay. This way, when I go to file my taxes, what I have overpaid for one job will offset what I owe for the self-employed job. I will not owe any taxes at all.

[carol b]

Thanks ladies for your input. I really appreciate it.
My husband has a full time job that takes out taxes.
My job doesn't that is why I asked.