A supplementary 0.9% Medicare surtax relates to large-earnings earners since the taxation season 2013. So to own tax seasons 2021, the newest Medicare surtax relates to unmarried filers and you can brains out of household whose income is higher than $two hundred,100000, married couples processing together whose earnings exceeds $250,one hundred thousand and married couples filing individually having income out-of $125,one hundred thousand or even more.
If because an independent contractor, you would expect to are obligated to pay $step one,one hundred thousand or even more in taxation once you document your own yearly get back, you are going to need to generate projected quarterly tax payments. These types of regular money safeguards on your own-work taxation and your tax liability with the season. The initial every quarter income tax percentage for every single taxation year is due within the April. Further money was owed in the Summer and you can September, after which January of your own adopting the 12 months.
Not paying your estimated quarterly fees otherwise underpaying him or her get cause a taxation punishment. How big the newest punishment relies on how much you underpaid. Read More
