This doc is to help Self-Employed Individuals in NYC easily estimate quarterly tax payments
About This Doc
I got tired of trying to compute how much money to pay Uncle Sam in years where income wasn’t regular enough to predict the total tax burden. After spending far too many hours tinkering with an Excel Spreadsheet, it seemed prudent to just make a Doc to solve the problem.
This doc is designed to use the US’ graduated income tax system to compute the tax burden of a self employed person who makes quarterly payments. It tracks the total owed per tax bracket and payments made the estimates how much money you should pay on your next quarterly payment.
How to Use This Doc
After completing the necessary receipt tracking, bank reconciling, and transaction reporting process in your respective Accounting software, you can use this Doc to quickly estimate how much to feed the machine.
Although it is designed for the state of New York, and NYC, you can easily adjust the tables to any state.
This doc is not an official tax preparation document, is not certified by any accounting/tax reporting professionals. Please review all data with your CPA.
When you are ready to make quarterly payments
Confirm that all payments to date for this year are recorded in the Payments page
Enter in the Earnings before income & taxes amount that your accounting software reports (often called Net Income on your Profit & Loss Statement).
Each time you make a payment make sure to record it in the payments table!
This doc does require some setup. ⚙️ Let’s get into it!