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?
GiphyPlan 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 Taxes
GiphyTo 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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Some women have their whole wedding planned out, from the bridal gown and venue to the bridal party and playlist. However, KJ was not one of those people. “I didn’t foresee a wedding in my future,” she reveals. “I was just gonna be the boss chick, rich auntie. I didn’t force love in my life until recently. I never had an idea of what a dream wedding would look like, it was easier for me to elope.”
KJ Smith
Photo by Stanley Babb/ Stanlo Photography
And to many people’s surprise, that was their original plan – until Skyh brought up a valid concern. He was raised by his grandmother and thought she should be at the wedding, and naturally, that led to KJ wanting her grandmother to be there as well – then her mom – and later her sister – and, you’ve gotta invite the besties too, right? From there, the guest list continued to blossom. Much like the updo and pop of color bold red lip, she wore on her special day, which was initially on her Pinterest board as a soft glam look with her hair hanging on her shoulders, KJ is okay with changing her plan if it brings her and her loved ones happiness.
So let’s get into the wedding, which took place in Malibu, CA. The first thing you should know about the celebrity couple is that they’re non-traditional. They know, and they don’t care. So, in true unconventional fashion, they shared the morning of the wedding together.
“I woke up with Skyh, we walked our dog, had black coffee, and said good morning to the people who stayed at the venue with us,” she says.
Now, it was time for hair and makeup. While she was getting glammed up, she had Black-owned McBride Sisters wine and champagne (which ties into The Black Experience theme) on deck with her mom and friends, had her besties help rework her vows, retried on every outfit (sis is very Type-A), took photos, and ended the early-celebration with prayer and meditation. It seems very non-Bridezilla, I said.
“Yeah, I was the most unbothered bride ever. Everyone was just so supportive. As entertainers, we go on red carpets all the time. We actually have a production company,” she explains. “The get-ready process was like a day at work, but with people we love the most. Being entertainers, we didn’t feel stressed at all, but my excitement was so high.”
Things moved quickly, and before she knew it, it was time to line up to walk down the aisle.
“Yeah, I was the most unbothered bride ever. Everyone was just so supportive. As entertainers, we go on red carpets all the time. We actually have a production company. The get-ready process was like a day at work, but with people we love the most. Being entertainers, we didn’t feel stressed at all, but my excitement was so high.”
KJ Smith and her bridal party
Photo by Stanley Babb/ Stanlo Photography
Since everything started with their grandmothers, the couple wanted to ensure they honored them and planned to keep an element of their wedding traditional. Although we’ve all seen the reception videos and photos online, you may have noticed visuals from the wedding itself are harder to find.
“We planned for it to be traditional, but we’re not like that, so we tried to create those moments. We jumped the broom and had a salt ceremony (where the bride and groom individually pour salt into a glass container, symbolizing their lives becoming one.) But honestly, still, nothing was traditional about it.”
She goes on to explain that her mom caught the holy ghost coming down the aisle, her glam team was on deck, and she became so nervous with excitement that she had an anxiety attack – something she struggled with for years, she explains tearfully. Her friends had to literally cheer her down the aisle because of how overwhelmed she felt until she eventually calmed down.
“Skyh was standing there with his hand on his heart; we have our own little language, and I could feel the support,” she shares.
It was surprising to hear all these emotional moments happened before the party we saw online. That is until she once again got into the backstory.
“As a Black woman actress, for so long, it was popular to be mysterious and secretive, but that’s not who I am or what I like. Plus, we both wanted to create an experience for everyone there. We are the people who always host family and friends,” she says. “Like for me, the first order of business was getting sandals for the women so they can dance all night long. We had oxtail, D'ussé, and a coffee and sativa lounge – which is part of Skyh and I’s lifestyle and routine. We wanted to bring them into our world.”
Skyh Black (L) and KJ Smith (R)
Photo by Stanley Babb/ Stanlo Photography
She went on to discuss the dance routine she did for her husband at the reception, which has taken over the internet. Apparently, that’s another thing that didn’t go according to plan. According to KJ, she had promised a performance at their joint bachelor/ bachelorette party, but her outfit got stolen from her car. So, Skyh ended up performing for her – complete with a strip tease. Still, she never forgot her promise to dance for him.
So, she hired her friend as a choreographer, learned the routine, made friends and family watch it endless times, and attended Beyoncé’s Renaissance show a few days before for a confidence boost. It ended up being a show to remember. But that wasn’t all the night offered. Lil Mo performed, and the guests received special goody bags featuring their favorite Black-owned products like journals, hair care, and more.
“We made sure everyone was taken care of all night. That kind of stuff makes us happy. I wanted everyone there to experience the joy and love I have for myself, my partner, and for them. I wanted them to feel full and whole, and they had the time of their lives,” she says.
But naturally, the internet is going to internet, and while there were countless people praising the event and applauding the newlyweds, some thought it was too over the top. I was curious to know her thoughts on some of the criticism.
“It’s cool. We did what we wanted to do. I’ve decided to share my world with people. Just how I went on social media platforms and found inspiration, I want people to do the same,” she explains. “I don’t think it's fair to my supporters not to give that out. There’s so much I wanna share with brides, specifically Black brides. I love that people are adding it to their Pinterest boards."
"I wanted everyone there to experience the joy and love I have for myself, my partner, and for them. I wanted them to feel full and whole, and they had the time of their lives."
KJ Smith
Photo by Stanley Babb/ Stanlo Photography
“I’m happy with it because we did what we wanted to do. They can do what they wanna do. Don’t be cruel, though, because you will get blocked,” she said, laughing.
The more I spoke with her, the more her sense of freedom shined through. People are always going to have their opinions, but at the end of the day, it’s you who has to live your life, and it seems like the couple realizes that and embraces that power. She also stressed the importance of not living for others and the lessons life has taught her.
“I’ve been to countless weddings, and I’ve been in countless weddings. I’m a generally older bride. So when women in my demographic get married, and you and your husband are busy working people like us, you deserve to have the one you want to have,” she shares.
“This is what we wanted to do. Our loved ones love and support us. We did so much to honor them, but we also wanted to start our own tradition, legacy, and creation. I'm not going to be pulled back into ideas of the past when I’m trying to create a future with my partner. “
If you’d like to see more of the couple, you probably won’t have to wait long. Although no content is planned yet, she admits to being an oversharer. “Me being open and transparent about my experiences lets people know it’s okay to have flaws; it makes you human, and for many years, I didn’t believe that was okay. I had pressure to be perfect, and I’d crumble every time,” she explains to xoNecole.
Now, she owns her flaws and uses them as a superpower to connect with her community and feel and express her love.
“Some people give us [Skyh and KJ] a hard time because they say we just seem too perfect. I’m like, why is that a bad thing? I love the people I love. From my man to my mama, to my friends - unabashedly. We move through time and space how we want to move. If we did it another way, we’d let ourselves and our union down.”
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Feature image by Stanley Babb/ Stanlo Photography
