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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: David Jones who wrote (2164)4/23/1999 12:23:00 PM
From: Ginko  Read Replies (1) of 5810
 
GENERAL QUESTION -

By IRS law - is one required to file quarterly estimated tax payments on short term gains in order to prevent penalty assessments?

If so - is the formula as follows:

Q1
=======
Short-Term Gains of $4000
4000 x .28 (tax bracket) = 1,120 (tax liability)
1,120 / 4 = 280 (Q1 Payment to IRS)

Q2
=======
Short-Term Gains of $3000
3000 x .28 = 840
840 / 3 = 280
280 (Q1 Liability) + 280 (Q2 Liability) = 560 (Payment to IRS)

And the process repeats itself.

Thanks in advance for any feedback. Send any PM if you want.
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