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There is no estimated tax payment formula which varies year by year. The calulation is based on budjet decitions at central government. Mr. Chambaram Pillai from Tamil Nadu evaluvate the Indian Economy with GDP percentage currently 9.6 % is also included in Tax decisions.
For the current year 2007-2008 follow the URL for tax calulator with formula enabled and protected.
http://ynithya.com/taxcalc/
Hope this clears
What else can I help you with?
Form estimated tax payment 2010 for corporations?
download estimated tax forms
Where do you mail estimated tax payments?
You can mail estimated tax payments to the address provided on the IRS website or the payment voucher that comes with the tax form.
Is it possible for me to skip an estimated tax payment?
Skipping an estimated tax payment is not recommended as it may result in penalties and interest charges from the IRS. It is important to pay your estimated taxes on time to avoid any potential consequences.
What is 1040-ES Estimated Tax Form?
Form 1040-ES is Estimated Tax Payment Voucher. There are four numbered payment vouchers, numbered 1 through 4. Each voucher gives a due date. For example, 2009 Estimated Tax Payment Voucher 2 notes 'Due June 15, 2009'.
What is the process by which individuals have their federal income tax collected?
1. the employer withholds estimated taxes 2. the taxpayer files a tax return the government receives a tax payment or gives a tax refund 3. the government receives a tax payment or gives a tax refund
How can I make an estimated tax payment for 2022?
To make an estimated tax payment for 2022, you can use Form 1040-ES provided by the IRS. This form helps you calculate how much you owe and provides instructions on how to make the payment online, by phone, or by mail. It's important to make these payments quarterly to avoid penalties.
How Accounting for an Estimated Tax payment?
For the individual taxpayer on the 1040 income tax return the estimated tax payment amounts that are paid for the tax year end up on page 2 of the 1040 tax form line 62. Go to the IRS.gov web site and use the search box for 1040 choose the instruction and go page 48 for the line 62 instructions.
Which challan is to be used for Advance Tax?
challan 280 is used for payment of Advance income tax in case your estimated income tax is more than 10,000 p.a.
Can I see what my taxes will potentially be with TurboTax?
TurboTax Estimated Taxes is an online estimated income tax payment calculating and filing service. For taxpayers who file quarterly estimated payments, it provides payment calculators and allows e-filing of estimated tax payments. Automatic deadline reminders help users avoid late payments. The record of past payments can be automatically imported into TurboTax at tax-filing time, which saves the trouble of typing that history in manually.
What is advance payment of tax?
If you don't have money taken out of your paycheck for taxes, you still need to send money in to cover them. This is done through the payment of estimated taxes.
When are quarterly state taxes due?
You should get your state tax department instruction book for the estimated taxes or the payment voucher and it should have the correct mailing address some place that you can use for this purpose. Go to your state tax department web site use the search box for INDIVIDUAL TAXPAYER MAILING ADDRESS FOR ESTIMATED TAX PAYMENT
Do quarterly tax payments have to be equal?
No, quarterly tax payments do not have to be equal. They are based on your estimated income for the year, so each payment can vary depending on your earnings.
