estimated taxes

estimated taxes
Quarterly tax payments made by self-employed individuals to the IRS and state tax agencies for their anticipated income tax liability for the year, in lieu of withholding from a paycheck. Estimated tax payments are used to pay both income and self-employment taxes.
Category: Business, LLCs & Corporations → Self-Employed Consultants & Contractors
Category: Personal Finance & Retirement → Taxes

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • estimated tax — es·ti·mat·ed tax n: a tax paid usu. quarterly by certain entities (as corporations or trusts) or individuals on income that is not subject to withholding ◇ A declaration of estimated tax is not required for federal income taxes for tax years… …   Law dictionary

  • Estimated Tax — Periodic advance payment of taxes which are based upon the amount of income that is earned and the amount of estimated tax liability that will be incurred as a result. Estimated taxes are assessed on income that is not subject to any type of… …   Investment dictionary

  • estimated tax — Federal and state tax laws require a quarterly payment of estimated taxes due from corporations, trusts, estates, non wage employees, and wage employees with income not subject to withholding. Individuals must remit at least 100% of their prior… …   Black's law dictionary

  • estimated tax — noun income tax paid periodically on income that is not subject to withholding taxes; based on the taxpayer s predicted tax liability • Hypernyms: ↑income tax …   Useful english dictionary

  • Income taxes in Canada — constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the last fiscal year, the government collected roughly three times more personal income taxes than it did corporate… …   Wikipedia

  • Corporate tax — Taxation An aspect of fiscal policy …   Wikipedia

  • Alternative Minimum Tax — (AMT) is part of the Federal income tax system of the United States. There is an AMT for those who owe personal income tax, and another for corporations owing corporate income tax. Only the AMT for those owing personal income tax is described… …   Wikipedia

  • S corporation — An S corporation or S corp, for United States federal income tax purposes, is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.In general, S Corporations do not pay any income… …   Wikipedia

  • Self-employment — is the individual pursuit of capitalism. To be self employed, an individual is normally highly skilled in a trade or has a niche product or service for their local community. With the creation of the Internet the ability for an individual to… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.