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Home/Glossary/Estimated Tax
Individual Tax

Estimated Tax

Quarterly tax payments made by self-employed individuals, investors, and others whose income is not subject to sufficient withholding.

Detailed Explanation

Estimated tax is paid using Form 1040-ES in four installments due April 15, June 15, September 15, and January 15 of the following year. To avoid an underpayment penalty, taxpayers generally must pay at least 90% of the current year's tax or 100% of the prior year's tax (110% if prior-year AGI exceeded $150,000). Quarterly payments cover federal income tax, self-employment tax, and the 3.8% Net Investment Income Tax where applicable.

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Related Terms

  • Self-Employment Tax

    The Social Security and Medicare tax (15.3% combined) paid by self-employed taxpayers on their net earnings from self-employment.

  • Penalty Abatement

    IRS forgiveness of failure-to-file, failure-to-pay, or accuracy-related penalties under specific qualifying circumstances.

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