|
“1. Adjusted gross income you expect in 2008 (see instructions below)” field
|
|
“2. If you plan to itemize deductions, enter the estimated total of your itemized deductions. Caution: If line 1 above is over
$159,950
($79,975 if married filing separately), your deduction may be reduced. See Pub. 505 for details. If you do not plan to itemize
deductions, enter your
standard deduction from page 1.” field
|
|
“3. Subtract line 2 from line 1” field
|
|
“4. Exemptions. Multiply $3,500 by the number of personal exemptions. Caution: See Pub. 505 to figure the amount to enter if
line 1 above is
over: $239,950 if married filing jointly or qualifying widow(er); $199,950 if head of household; $159,950 if single; or $119,975
if married filing
separately” field
|
|
“5. Subtract line 4 from line 3” field
|
|
“6. Tax. Figure your tax on the amount on line 5 by using the 2008 Tax Rate Schedules on page 5. Caution: If you will have
qualified dividends
or a net capital gain, or expect to claim the foreign earned income exclusion or housing exclusion, see Pub. 505 to figure
the tax”
field
|
|
“7. Alternative minimum tax from Form 6251” field
|
|
“8. Add lines 6 and 7. Add to this amount any other taxes you expect to include in the total on Form 1040, line 44, or Form
1040A, line
28” field
|
|
“9. Credits (see instructions below). Do not include any income tax withholding on this line” field
|
|
“10. Subtract line 9 from line 8. If zero or less, enter 0” field
|
|
“11. Self-employment tax (see instructions below). Estimate of 2008 net earnings from self-employment $(blank text field);
if $102,000 or less,
multiply the amount by 15.3%; if more than $102,000, multiply the amount by 2.9%, add $12,648 to the result, and enter the
total. Caution: If you also
have wages subject to social security tax, see Pub. 505 to figure the amount to enter” field
|
|
“12. Other taxes (see instructions below)” field
|
|
“13a. Add lines 10 through 12” field
|
|
“13b. Earned income credit, additional child tax credit, and credits from Forms 4136, 8801 (line 27), and 8885” field
|
|
“13c. Total 2008 estimated tax. Subtract line 13b from line 13a. If zero or less, enter 0” field
|
|
“14a. Multiply line 13c by 90% (66 2/3% for farmers and fishermen)” field
|
|
“14b. Enter the tax shown on your 2007 tax return (110% of that amount if you are not a farmer or fisherman and the shown on
that return is
more than $150,000, or, if married filing separately for 2008, more than $75,000)” field
|
|
“14c. Required annual payment to avoid a penalty. Enter the smaller of line 14a or 14b. Caution: Generally, if you do not prepay
(through
income tax withholding and estimated tax payments) at least the amount on line 14c, you may owe a penalty for not paying enough
estimated tax. To
avoid a penalty, make sure your estimate on line 13c is as accurate as possible. Even if you pay the required annual payment,
you may still owe tax
when you file your return. If you prefer, you can pay the amount shown on line 13c. For details, see Pub. 505.” field
|
|
“15. Income tax withheld and estimated to be withheld during 2008 (including income tax withholding on pensions, annuities,
certain deferred
income, etcetera)” field
|
|
“Line 16 is divided into line 16a and line 16b”
|
|
“16a. Subtract line 15 from line 14c. Is the result zero or less? If yes, stop here. You are not required to make estimated
tax payments. If
no, go on to line 16b” field
|
|
“16b. Subtract line 15 from line 13c. Is the result less than $1,000? If yes, stop here. You are not required to make estimated
tax payments.
If no, go on to line 17 to figure your required payment.”
|
|
“17. If the first payment you are required to make is due April 15, 2008, enter 1/4 of line 16a (minus any 2007 overpayment
that you are
applying to this installment) here, and on your estimated tax payment voucher or vouchers, if you are paying by check or money
order. Note: Household
employers, see instructions below.)” field
|
