Tax season is now and very common questions are: how can I calculate my taxes? How can I calculate my taxes? or how can I make the payment to the IRS?
Taxes in United States government collects from individuals for work performed, regardless of legal status. These taxes are progressive, meaning that higher rates are applied to people who earn more and lower rates to those who earn less, being equitable in economic gains.
This federal tax is not only paid by individuals, but also by companies, small businesses, or other forms of income, including the self-employed. Capital gains, hourly wages, fees, and all the various kinds of personal income are grouped together for federal tax reporting.
These are the most frequently asked questions and what you should know about taxes or federal taxes:
Calculate taxes is
necessary to take into account that they have to be paid according to what you earn or receive as income during the year, either through withholding or estimated tax payments.
If the amount of income tax withheld from your wages or pension is not enough, or if you receive income such as interest, dividends, alimony , self-employment income, capital gains, prizes and awards, you may have to make estimated tax
payments.If you are
self-employed, you generally have to make estimated tax payments. Estimated tax is used not only to pay income taxes, but other taxes such as self-employment taxes and the alternative minimum tax.
For your estimated tax you need to figure your adjusted gross income, taxable income, expected taxes, deductions, and credits for the year. I will show you in the following table:
1. Determine how much of your income goes into each tax bracket and multiply it by the rate for that bracket.
2. Add those results to get the total taxes.
3. Divide the total taxes by the taxable income.
How can I pay my taxes?
Once you’ve filed your taxes, you’ll know if you’re going to get a refund or if you have to pay the difference to the IRS or your state.
Payment can be made online when you file your tax return, with a debit or credit card. You can also send a check by regular mail, pay by phone and with your cell phone. It is important to use the official means of the IRS.
The IRS ensures that there are several ways in which you can be paid.
The easiest ways to make payments to the IRS are:
• Direct Pay: Taxpayers can pay tax bills directly from a checking or savings account for free with Direct Pay. Taxpayers receive instant confirmation as soon as they make their payment. With Direct Pay, taxpayers can schedule their payments up to 30 days in advance. They can change or cancel a payment two business days before the day the payment is scheduled.
• Credit or debit cards : Taxpayers can also pay their taxes online with a debit or credit card, by phone, or through a mobile device. The IRS does not charge a fee, but convenience fees may apply and vary depending on the card used.
• Installment Payment Plan : Taxpayers who cannot pay their tax debt immediately may be able to make monthly payments. Before applying for an installment agreement, taxpayers must file all required tax returns. They can request an installment payment plan using the Online Payment Agreement tool, which contains more information on who is eligible to request a monthly payment plan agreement.
This is the official link for IRS payments https://www.irs.gov/es/payments
When should I pay my taxes to the IRS?
Payments must be made one payment each quarter. For most people, the due date for the first quarterly payment is April 15 with subsequent payments due June 15 and September 15, with the last payment due January 15 of the following year. . If these dates fall on a weekend, the due date is the next business day.
