2006 Estimated Tax Worksheet. Summary: This is an example of the estimated tax worksheet using the regular installment method. The completed line items
are:
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“1. Adjusted gross income you expect in 2006 (see instructions below)” field contains 78,296
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“2. If you plan to itemize deductions, enter the estimated total of your itemized deductions. Caution: If line 1 above is over
$150,500
($75,250 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 contains 10,500
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“3. Subtract line 2 from line 1” field contains 67,796
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“4. Exemptions. Multiply $3,300 by the number of personal exemptions. Caution: See Pub. 505 to figure the amount to enter if
you provided
housing in 2006 to a person displaced by Hurricane Katrina, or if line 1 above is over: $225,750 if married filing jointly
or qualifying widow(er);
$188,150 if head of household; $150,500 if single; or $112,875 if married filing separately” field contains 6,600
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“5. Subtract line 4 from line 3” field contains 61,196
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“6. Tax. Figure your tax on the amount on line 5 by using the 2006 Tax Rate Schedules on page 5. Caution: If you have qualified
dividends or a
net capital gain, see Pub. 505 to figure the tax” field contains 8,424
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“8. Add lines 6 and 7. Also include any tax from Form 4972 and 8814 and any recapture of the education credits (see instructions
below)” field contains 8,424
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“10. Subtract line 9 from line 8. If zero or less, enter 0” field contains 8,424
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“11. Self-employment tax (see instructions below). Estimate of 2006 net earnings from self-employment $(blank text field);
if $94,200 or less,
multiply the amount by 15.3%; if more than $94,200, multiply the amount by 2.9%, add $11,680.80 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 contains 35,555 and 5,440
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“13a. Add lines 10 through 12” field contains 13,864
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“13c. Total 2006 estimated tax. Subtract line 13b from line 13a. If zero or less, enter 0” field contains 13,864
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“14a. Multiply line 13c by 90% (66 2/3% for farmers and fishermen)” field contains 12,478
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“14b. Enter the tax shown on your 2005 tax return (110% of that amount if you are not a farmer or fisherman and the adjusted
gross income shown
on that return is more than $150,000 or, if married filing separately for 2006, more than $75,000)” field contains 15,220
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“14c. Required annual payment to avoid a penalty. Enter the smaller of line 14a or 14b” field contains 12,478
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“15. Income tax withheld and estimated to be withheld during 2006 (including income tax withholding on pensions, annuities,
certain deferred
income, etcetera” field contains 5,792
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“16. Subtract line 15 from line 14c. (Note: If zero or less or line 13c minus line 15 is less than $1,000, stop here. You are
not required to
make estimated tax payments” field contains 6,686
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“17. If the first payment you are required to make is due April 17, 2006, enter 1/4 of line 16 (minus any 2005 overpayment
that you are
applying to this installment) here, and on your estimated tax payment voucher(s) if you are paying by check or money order.
(Note: Household
employers, see instructions below.)” field contains 1,672
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