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Posted by speedlever on March 16, 2008, 9:40 am
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Thanks Doug. For the record, my tax due (including $42 penalty) is $2750.
Which is a fair amount of money in my view, although probably pocket change
for many who owe taxes. Uncle Sam wanted an additional $1149 per quarter,
which seems a bit excessive to me.
> If I'm not mistaken, quarterly estimated tax payments are mainly and
> fundamentally a self-withholding. Uncle Sam doesn't like us owing him
> money until next April 15.
>
> Yes, if you are self-employed you have no salary withheld so you pay
> quarterly. But if you've got a regular job and have under withheld in
> the past so severely that a penalty has kicked in, he'd like you to
> pay quarterly, also.
>
> Doug
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