A supplementary 0.9% Medicare surtax applies to highest-earnings earners because the tax year 2013. Therefore to own tax season 2021, the new Medicare surtax pertains to single filers and you will thoughts out of household whoever money is higher than $2 hundred,100000, married people filing together whoever earnings is higher than $250,one hundred thousand and you may maried people submitting alone having money regarding $125,100000 or maybe more.
If as a different builder, you expect to help you are obligated to pay $1,000 or even more when you look at the taxes when you document your own yearly return, you’ll have to make projected every quarter taxation costs. These regular repayments cover yourself-a position taxation plus taxation accountability towards seasons. The original quarterly taxation commission for each taxation year is due in the April. Next costs was owed inside Summer and you may September, after which January of your own after the year.
Failing to pay your estimated every quarter fees or underpaying them will get bring about a taxation penalty. Continue reading “Processing Your own Taxes: Doing it yourself or Hire a professional?”