No one is excited about paying taxes, but for the most part, they're unavoidable for the working woman. Yet, not everyone has to pay quarterly taxes. You may have to get acquainted with quarterly taxes depending on how you earn money and who signs your paychecks. Not only is it essential to know if you should pay quarterly tax payments, but you need to know what your tax liability is and the deadline to submit your taxes — unless you want the IRS visiting.
Who Needs To Pay Quarterly Taxes?Giphy
Plan on paying taxes if you're a small business owner, you haven't had enough of your income withheld, or you're a self-employed individual. Unsure if you're self-employed?
You're self-employed or a small business owner if you're:
- An independent contractor
- A full-time/part-time freelancer
- An individual with a side gig
- A sole proprietor
- A business partnership member - LLC, LLP, LP, GP
You haven't had enough income withheld if:
- You owe a minimum of $1000 in federal income taxes currently after accounting for your refundable and withholding credits.
- Your withheld and refundable credits don't cover more than 90% of your tax liability for the current year or 100% of your liability for the previous year; whichever is lesser of the two. (The threshold is 110% as long as your adjusted gross income in the prior year was larger than $150,000 for jointly filed married partners and $75,000 for singles).
Who Doesn’t Have To Pay Quarterly Taxes?
You don't have to pay to make quarterly tax payments if you're a U.S. citizen or a permanent resident who had no tax liability from the previous year. Also, individuals who don't have untaxed income.
How To Estimate Quarterly TaxesGiphy
To calculate your estimated tax, you should know your expected adjusted gross income, taxes, deductions, taxable income, and credits for the current year. Then, you can calculate your estimated quarterly taxes using a calculator or manually:
1. Determine Taxable Income. Start by estimating the total amount of income you're expecting to earn during the year. Then subtract deductions that are considered above the line (expenses the IRS allows you to deduct from your gross income) to get an adjusted gross income.
2. Calculate Income Tax and Self-Employment Tax. Once you know your adjusted gross income, it's time to calculate your taxes. First, you need to figure out your tax bracket to determine the rate that you are taxes based on your income. Then, take your income tax rate and multiply it by your adjusted gross income.
If you're self-employed, you calculate your taxes a bit differently. There isn't any need to pay taxes on self-employed income under $400, but if you make more than $400, then you're responsible for a 15.3% tax that's a combination of social security tax and medicare. But, you're only responsible for paying taxes on 92.35% of your estimated total income.
If you had a $50,000 estimated total income, the calculation would be 50,000 x 15.3*% 92.35%, for a total of $7,076.25 in owed taxes.
3. Total Taxes and Divide By Four. Lastly, add your income tax and self-employment tax for the current year and divide your total by four. So pretty much if you owe $10,000 in income tax and you owed $15,000 in self-employment tax, your total income tax is $25,000.
So next, you'd divide $25,000.00 by four, so your quarterly tax payment would be $6,250.
When Are Quarterly Taxes Due
If you plan on paying quarterly taxes, it's a bright idea to know when they're due:
- If you earned income on September 1–December 31, 2020, your quarterly tax payment is due by January 15, 2021.
- If you earned income on January 1–March 31, 2021, your quarterly tax payment is due by April 15, 2021.
- If you earned income on April 1–May 31, 2021, your quarterly tax payment is due by June 15, 2021.
- If you earned income on June 1–August 31, 2021, your quarterly tax payment is due by September 15, 2021.
- If you earned income on September 1–December 31, 2021, your quarterly tax payment is due by Jan 18, 2022.
How Do I Pay Quarterly Taxes?
There are three ways to pay quarterly taxes; the choice is yours. You can pay your taxes the old school way by mailing your estimated tax payments with IRS Form 1040-ES or paying in cash at an IRS retail partner.
Or, you can keep it modern by paying electronically using the IRS's Direct Pay System or the U.S Treasury's Electronic Federal Tax Payment System. Keep in mind, there is a credit card fee of approximately 2% when paying electronically.
You can mail your estimated tax payments with IRS Form 1040-ES. You can pay electronically and use the IRS's Direct Pay system or the U.S. Treasury's Electronic Federal Tax Payment System, for example. Paying with a credit card carries of fee of around 2%.
Now that you have all of the proper knowledge to make quarterly tax payments, it's time to start actually planning to make your payments. Be sure to estimate your taxes reasonably in advance to avoid lacking enough funds to cover your tax payments. Or, you can simply reach out to an accountant who has the expertise to ensure your taxes are taken care of properly.
Featured image by Getty Images
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Aaliyah Sydonie Williams is a lover of pomegranates, intimate concerts, fluffy socks and all things R&B. She's a founder of a college advice blog, Her Little Corner, where she dishes helpful advice for college students to slay their college experience. When Aaliyah isn't eating at Starbucks, she's studying for her courses in finance, discovering new spots in the city, and brushing up on her photography skills. Keep up with her at Aaliyah Williams (@aaliyahsydonie).
Unapologetically, Chlöe: The R&B Star On Finding Love, Self-Acceptance & Boldly Using Her Voice
On set inside of a mid-city Los Angeles studio, it’s all eyes on Chlöe. She slightly shifts her body against a dark backdrop amidst camera clicks and whirs, giving a seductive pout here, and piercing eye contact there. Her chocolate locs are adorned with a few jewels that she requested to spice up the look, and on her shoulders rests a jeweled piece that she asked to be turned around to better showcase her neck (“I feel a bit old,” she said of the original direction). Her shapely figure is tucked into a strapless bodysuit with a deep v-neck that complements her décolletage.
Though subtle, her quiet wardrobe directives give the air of a woman who’s been here before, and certainly knows what she’s doing. At 24 years young, she’s a “Bossy” chick in training— one who’s politely unapologetic and learning the power of her own voice.
“I'm hesitant sometimes to truly speak my mind and speak up for myself and what I believe,” she later confessed to me a couple of weeks after the photoshoot. “It's always scary for me, but now I'm realizing that I have to, in order to gain respect as a Black woman— a young Black woman— who's still navigating who she is. And you know, I'm realizing that closed mouths don't get fed. And if I keep my mouth shut just because I'm afraid of what people's opinions of me will be or turn into, then that's not any way to live.”
For Chlöe, the journey into womanhood is about embracing who she is, without succumbing to the perceptions of what others think of her. From the waist up she’s everything you’d imagine. A gorgeous goddess with the kind of sex appeal that some work hard to embrace but fail to exude. But unbeknownst to anyone not on set, her bottom half is covered by a white robe, surprising coming from the girl who boasts “'Cause my booty so big, Lord, have mercy” on her first hit single “Have Mercy.”
But that’s the beauty of Chlöe. There’s more to her than meets the eye. More than what a few sensual photos sprinkled throughout an Instagram feed could ever tell you. Just like the photo-framing illusion of her portrayed from the waist up, what we know about the songstress is just the tip of the iceberg. There’s so much more beneath the surface.
Some hours later Chlöe leans back in a high chair as her locs are transformed from a formal updo to a seemingly Basquiat-inspired one. It’s pure art, and at her request, no wigs are a part of the day’s ensemble. She’s fully embracing her natural hair, a decision that wasn’t always a socially accepted one.
In the suburbs of Atlanta, Georgia, (Mableton, to be exact) Chlöe began to explore the foundation of her self-image. At an early age she and her younger sister, Halle, demonstrated a vocal prowess and knack for being in front of the camera that caught their parents’ attention. Soon after, they were sent on a parade of local talent shows and auditions, and eventually broke into the digital space with song covers on YouTube.
It was during these early years that Chlöe first learned that the entertainment industry could be unforgiving to those who didn’t fit a particular beauty standard. Despite the then three-year-old snagging a role as the younger version of Beyoncé’s character, Lilly, in Fighting Temptations, casting agents requested that her natural locs be exchanged for more Eurocentric tresses. Ironic, considering that growing up Chlöe saw her hair as no different than that of her peers. “I remember specifically in pre-K we had to do self-portraits and I drew myself with a regular straight ponytail, like how I would put my locs in a ponytail,” she says. “I just never saw myself any different.”
Chlöe would also learn the true meaning of a phrase that would later become an affirmation posted on her bedroom mirror: “Don’t Let the World Dim Your Light.” After attempting to wear wigs to fit in, the Bailey sisters instead chose to rock their locs with pride, which undoubtedly cost them casting roles. Yet they would have the last laugh when making headlines as the “Teen Dreadlocked Duo” who landed a million-dollar contract with Parkwood Entertainment, and the coveted opportunity to be groomed under the tutelage of a world-renowned superstar.
Credit: Derek Blanks
While that could be the end of a beautiful fairytale of self-empowerment, the reality is that it’s just the beginning of the story of her evolution. For most girls, the transition into womanhood takes place in the comfort of their own worlds, often limited to the number of people they allow to have access to them. But for Chlöe, it’s happening in front of millions of critiquing eyes just waiting for an opportunity to either uplift or dissect her through unwarranted commentary.
Many in her position wouldn’t be able to take that kind of pressure. But Chlöe is handling it with grace. “I feel like all of us as humans, we have the right to interpret things how we want,” she says. “I put art out into the world and it's up for interpretation. I'm learning that not everyone is going to always like me and that it's okay.”
Chlöe isn’t the first artist to receive criticism for her carnal content, and she certainly won’t be the last. In 2010, Ciara writhed and rode her way to banishment on BET when the then 24-year-old released her video for “Ride.” In 2006, 25-year-old Beyoncé received backlash for “Déjà Vu."
"I put art out into the world and it's up for interpretation. I'm learning that not everyone is going to always like me and that it's okay.”
So much so that over 5,000 fans signed an online petition demanding that her label re-shoot the video because it was “too sexual.” Even 27-year-old Janet didn’t escape critical headlines when she shed her image of innocence for a more risqué appearance with the 1993 release of janet.
It’s almost as if public reproach is a rite of passage for young Black women R&B singers on the road to stardom. Good girls seemingly “go bad” whenever they embrace the depths of their femininity, and fans only like you on top figuratively. But Chlöe has learned not to bow down to other people’s opinions, but to boss up and control the narrative. As the saying goes, well-behaved women seldom make history. If sex appeal is her weapon, she wields it well.
On set, Chlöe exudes the energy of Aphrodite in an apple red, off-shoulder dress with a sexy high split. In between shots, she mouths the lyrics to Yebba’s “Boomerang” as it echoes throughout the space in steady repetition at my recommendation. The hour grows late, yet Chlöe is heating things up as eyes stare in deep mesmerization of the girl on fire.
Credit: Derek Blanks
Through music, she explores the depths of her being, a journey that seems to be, at its foundation, rooted in self-discovery. Whereas their debut album The Kids Are Alright (2018) boasts a young Chloe x Halle empowering their generation to embrace who they are while finding their place in the world, their second album Ungodly Hour (2020) shows the Bailey sisters shedding the veil of innocence for a more unapologetic bravado.
What fans looked forward to seeing is who Chlöe shows herself to be on her debut solo album In Pieces. In an interview with PEOPLE, she confesses that releasing her first project without her sister was “scary.” "It was a moment of self-doubt where I was like, 'Can I do this without my sister?’”
Chlöe has never been shy about sharing her insecurities or her vulnerabilities, all of which are laced throughout the 14-track album. “I want people to have fun when they listen to it and to just realize that they're not alone and it's okay to be vulnerable and raw and open because none of us are perfect; we're all far from it. And I think it's healing when we all admit to that instead of putting up a facade.”
The gift of time has given the self-professed “big lover girl” more encounters with romance and heartbreak. Love songs once sung for their beautiful riffs and melodies become more than just abstract lyrics and are replaced by real-life experiences, which she tells me is definitely in the music.
In her single “Pray It Away,” for example, she contemplates going to God for healing instead of going at her ex-lover for revenge for his infidelities. “With anything dealing with art, I am completely vulnerable,” she says. “I'm completely myself, I'm completely open and transparent. So it's pretty much all of me and who I am right now.”
Has Chlöe been in love? That still remains to be said. Of course, she’s been linked to a few potential baes, but dating in the digital age isn’t as easy as a double tap or drop of a heart-eyes emoji. It requires a level of trust and vulnerability that’s hard to earn, and easy to mishandle. To let her guard down means to potentially set herself up for disappointment. “It’s difficult dating right now, honestly, because you really have to kind of keep your guard up and pay attention to who's really there for you. And you know, I'm such an affectionate person and I love hard.
"So when I meet the one person that I really, really am into, it's hard for me to see any others and I get attached pretty easily. And you know, I don't know, it's…it's a scary thing.”
Credit: Derek Blanks
“With anything dealing with art, I am completely vulnerable. I'm completely myself, I'm completely open and transparent. So it's pretty much all of me and who I am right now.”
While broken hearts yield good music (queue Adele), what’s in Chlöe’s prayer is the desire to be happy. What does that look like? Well, she’s still figuring that out herself. “Honestly, I'm the type of person who I don't truly learn unless I experience it. So it's like I can view and watch my parents and watch the loving relationships that I see in my life and be like, ‘Oh, I want that. I would love to have that.’ But then I also have to experience [love] on my own and see what my flaws or my faults might be or see what my good things about myself are. I feel like it's really all about self-reflection. And even though our base is our family and that's our foundation, we are still our own individuals and we have to find out specifically the things about ourselves that may be different from what we saw from our parents when we were growing up.”
Her ideal beau, she tells me, is someone she can feel safe to be her fun, goofy self with, but who also gives her the space to be the boss chick chasing her dreams. A man who understands that just because the world compliments her doesn’t mean she doesn’t want to hear those words from his lips or feel it in his touch. A bonus if he shows up on set after a long hard day of work with vegan cinnamon rolls. You know, the basic necessities. “I like whoever I'm with to constantly tell me they love me and that I look beautiful because I do the same. I am a very mushy person, and if I see something or you look good, I will never shy away from saying it out loud. And I want whoever I'm with to do the same, be very vocal. Tell me that you love me. Tell me what you love about me because I'm doing the same for you because that's just the person I am.”
Until she meets her match she’s married to the game, and for now, that seems to be perfect matrimony.
Credit: Derek Blanks
On stage at the 2021 American Music Awards, Chlöe solidified her position as a force to be reckoned with. It was a full-circle moment. In 2012, bright-eyed and baby-faced Chloe and Halle would walk onto the set of The Ellen Degeneres Show and blow the audience away as they bellowed out their future mentor’s song. Ellen would present the sisters with tickets to attend the AMAs, assuring them that they would be back and had a promising future. Nine years later, Chlöe descends from the sky cloaked in a snow-white cape and matching midriff-baring bodysuit for her debut performance. It’s the first time she’s graced the stage of the very award show that she was once an audience member of.
As she shakes and shimmies and boom kack kacks out her eight counts, it’s clear that she’s in her element. Just like her VMA performance a couple of months prior, and the many more stages she’ll continue to grace, she brings an energy that has earned her comparisons to the beloved Queen Bey herself. An honorable statement, considering few R&B songstresses are getting accolades for their entertainment capabilities. It’s on these very stages, in front of hundreds of astonished eyes and millions more glued to their televisions at home, that she tells me she feels most sexy. Powerful, even.
But off stage, it’s a different story.
It’s more than just the commentary about her image and media-flamed rumors that get to her. Mentally, she’s in competition with herself. The desire to be the best burns at the back of her mind with every performance, every production, and every time she steps into the booth. Before, she could share the weight of this burden with her sister. Being a part of a duo meant she could turn to Halle for quiet confirmation and encouragement without a word being exchanged. But lately stepping on the stage means stepping out on her own. And despite being a breathtaking, five-time Grammy-nominated star, Chlöe doesn’t escape the reality that sometimes we can be our own worst critics.
Over the last year, she’s been coming to terms with who she is on her own while overcoming the fear of failing to become who she’s destined to be. While the world waits to see how Chlöe wins, the real triumph is in every day that she chooses herself and continues to walk in her purpose. “I don't really have anything all figured out, honestly. But what I try to do, a lot of prayer. I talk to God more and I just try to do things that calm my mind down and just breathe.”
To whom much is given, much will be required. She’s been chosen to walk this path for a reason. Once she fully embraces that everything she’s meant to be is already inside of her, she’ll be an unstoppable force. “My grandma, Elizabeth, she just passed away and my middle name is her [first] name. So I feel like I truly have a responsibility to live up to her legacy that she's left on this earth. I hope I can do that.”
There’s no doubt that she will. With a role in The Fighting Temptations at three years old, a million-dollar record deal, a main role on five seasons of Grown-ish, five Grammy nominations, a number one solo record in Urban and Rhythmic Radio, a debut solo album, and starring roles in recently released movies Praise Thisand Swarm (just to name a few), Chlöe’s certainly already made her mark, and she’s just getting started.
Photographer & Creative Director: Derek Blanks
Executive Producer: Necole Kane
Co-Executive Producer: EJ Jamele
Producer: Erica Turnbull
Digitech: Chris Keller
DP: Alex Nikishin
Gaffer: Simeon Mihaylov
Photo Assistant: Chris Paschal
2nd Photo Assistant: Tyler Umprey
Features Editor: Kiah McBride
Special Projects: Tyeal Howell
Hair: Malcolm Marquez
Makeup: Yolonda Frederick
Fashion Styling: Ashley Sean Thomas
For More: Cover Story: Issa Rae Comes Full Circle
Everything You Need To Know About This Year's Second Mercury Retrograde & What It Means For Your Sign
The second out of the four Mercury retrogrades happening this year is occurring this month, and this Mercury retrograde is a reality check. Mercury was formerly in the earth sign Taurus and will be in retrograde from April 21 until May 14. To get down to the basics of what this particular Mercury retrograde is going to feel like, we examine Taurus. Taurus is a sign dedicated to groundedness, patience, and love, and enjoys all of the earthly pleasures this life has to offer. Taurus is also aligned with finances, and financial drama is more likely during this time. This Mercury retrograde is a big learning opportunity when it comes to defining where your true values and priorities are and how you could be getting in the way of not only accomplishing your goals but enjoying yourself too.
Over the next few weeks, the universe is asking you, how willing are you to remain patient for your seeds to bloom? If you knew what you wanted was going to come true for you, how would you act or move in the meantime? Would you enjoy your life more and find more gratitude, confidence, and stability today? This Mercury retrograde transit is overall a great time for some extra TLC, rest, open-mindedness, and flexibility. Mercury will be forming a conjunction with Uranus during this transit, and you can expect the unexpected. Things are shaking up during this Mercury retrograde, and once Mercury goes direct, a lot of people will find themselves on new ground and more aligned and assured with their path.
Mercury retrograde will be in your financial zone, and this is the time to put a little more precaution when it comes to finances, spending, and investments. You could be spending more than planned during this time or experiencing some unexpected financial revelations. Mercury retrograde will be showing you new avenues of wealth but also the importance of honoring your values and that you are worthy of all you want in life. Do things that make you feel confident and that align with your self-esteem, and know that the stability you are seeking right now will come from within first and foremost. You are finding new ground during this Mercury retrograde.
This Mercury retrograde is occurring in your sign during your season, and you are going to be feeling this one the most, Taurus. This Mercury retrograde overall for you is about personal growth, clarity, and re-discovering who you are. You are going through a journey of the soul during this transit and will be learning more about yourself, your needs, and your goals in the process. You could be feeling a little misunderstood at times during this retrograde, and you will be getting an opportunity to get your message clear and find your voice and way of expression that feels good for you. It’s about honoring this growth and development you have been going through and seeing yourself in a new, more favorable, and accepting light.
Your ruling planet goes retrograde, and this time for you is all about getting closure. The past may be coming up more than usual for you right now, and you are getting the opportunity to heal, accept, and let go once and for all. This Mercury retrograde for you overall is a time of unpacking. Since Mercury will be moving through your 12th house, things get deep, and your emotional world will be feeling a little more enhanced. This Mercury retrograde will be a catalyst for change for you, and you are getting more time away for yourself and your mental health.
Acknowledge what is coming up for you, but don’t let it control you.
Over the next few weeks, you will be diving deeper into your dreams and aspirations, sense of community, friendships, and happiness. Friendships are going through a growth spurt, and you are getting clarity on who your people are and who you want to surround yourself with. There may be some more conflicts with others on the horizon, but overall this transit is about defining what friendship means to you, getting re-inspired, and trusting your gut instincts. Divine intervention is coming into play, and you are getting the opportunity to see more clearly the path you are headed on, who you are headed there with, and if that’s what truly inspires and fulfills you.
Your career, public life, reputation, and professional world are being influenced by Mercury retrograde during this time, and you will be taking a look at your current goals and where you are headed with them. There could be some more bumps in the road than expected when it comes to career goals but know that this is all temporary. Life tends to feel a little more public or out in the open when Mercury is in retrograde in your 10th house, and you may be thinking more about the way you are being perceived. Know that this time for you is overall about getting a better understanding of how you want to show up and what the next steps for you are within your career or public life.
This Mercury retrograde is an awakening for you, Virgo. Your ruling planet is Mercury, so whatever it is doing in the sky is especially influential for you. During this particular Mercury retrograde, your 9th house of travel, adventure, education, and spirituality are in the spotlight, and you are overall finding your way. You could feel like the path you have planned for yourself isn’t playing out exactly how you expected, and you are learning the importance of being flexible and finding your strength and sense of purpose within. You could be feeling tested to have more faith and to believe more in yourself and what you are trying to pursue, and it’s all about gaining direction for you right now. Expect help from unexpected places, and open your mind, Virgo.
Intimacy, transformation, commitment, and shared finances are being highlighted for you during this Mercury retrograde. You are moving through a journey of seeing where your time and energy have been spent and how you are feeling about the return you are seeing in your life for the work you are putting in. Imbalances within a romantic relationship, platonic or business, will become more apparent to you right now, and you are gaining the necessary clarity to make some important changes. You are moving through a transformative time in your life, and you will feel a deep sense of renewal, freedom, and rebirth once Mercury goes direct on May 14.
With Taurus being your sister sign, this Mercury retrograde is happening exactly opposite of you, in your 7th house of love and partnership. You are taking a look at the relationship you have with yourself and how your partnerships and relationships with others are flowing for you right now. It’s all about finding the balance between the giving and receiving in your life and about allowing love to grow. You don’t have to do life alone, and although you could be feeling more distant from love or the people close to you right now, you are addressing where you’ve been holding yourself back and how to experience more love, connection, and harmony.
Let the past go, define where you want to go now.
Your work life, routine, health, and daily schedule are being addressed during this time, and you are creating some new structure here. This Mercury retrograde is about looking at your current daily plan and routine and looking for ways to improve here or develop a new system that is more effective for you. The vibes in the office could be feeling a little tense for the time being, but you are overall getting the opportunity to retrace your steps, re-do any errors, and break the ice with colleagues. This is a good time to learn a new skill, develop your skills, and work passionately on something that inspires you.
Listen to your heart, and learn more about it, Capricorn. Mercury retrograde will be pushing you to be more open, to ask for what you need emotionally, and to feel more confident taking up space and expressing yourself. You are reviewing where the happiness is in your life and if you’ve been prioritizing this enough for yourself. Any limitations you have been feeling creatively and romantically come up at this time to be reviewed, healed, and understood better. Once Mercury goes direct on May 14, you will have a better understanding of what makes you happy, making it easier to be in those spaces.
This Mercury retrograde is a journey of the heart for you.
Mercury retrograde will be bringing attention to the home. You are taking a look at your foundations, where you are feeling supported and stable in your life, and where you want to continue to grow your roots and build. Your emotional well-being is the priority, and your safe spaces are where to be to get through this time. Some misunderstandings with family or close loved ones are more likely now, and you are getting a clear view of how you’ve been feeling within when it comes to the past, family, and your environment. Your stability in life and how you feel grounded in it all are in focus right now, and overall this is a good time for you to declutter, finish that home project, and bring peace into the home.
Communication is everything right now, Pisces. Extra patience is needed when it comes to communicating with others, and be sure to think things through and watch out for impulsivity. The more grace you can give yourself and others right now, the better. Journal your thoughts, meditate, and heal the mind. Mercury retrograde will be showing you how powerful your words are and what kind of mark you want to leave on people and the world when connecting. It is about overcoming previous communication challenges and seeing what has been blocking you from feeling heard. This Mercury retrograde transit is requiring more patience than most, and travels, contracts, texts, and emails should all be looked over a few times right now.
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