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Quarterly Tax Calculations
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This page is meant to be printed out and calculated by hand. The second tab, "Computer" has formulas built in and is meant to be completed on a computer using Excel or Numbers.
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Step 1: Calculate your Net Income
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AWhat are your estimated commissions for this tax year?
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B
What are your estimated business expenses for this tax year?
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CYour Net Income from real esate agent activities= A-B
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Step 2: Calculate your Self-Employment Tax
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DNet Income x Self-Employment Rate= C x .153
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EDivide Self-Employment tax by 2= D / 2
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FSubtract this from your Net Income= C - E
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GCalculate your deductions.
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HSubtract your deductions (either itemized or the standard IRS deduction) from your Net Income less half the self-employment tax= F - G
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Step 3: Calculate your Taxable Income
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ICalculate your Personal Exemption (if any)
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JSubtract your personal exemption from your Net Income less half the self-employment tax to determine your Gross Adjusted Income= H - I
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Step 4: Determine your Estimated Quarterley Tax
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KObtain the most recent tax rate table from the IRS and calculate the amount of federal tax due on your Gross Adjusted Income
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LCalculate any tax credits you may be entitled to
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MSubtract tax credits from your federal tax due= K - L
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NAdd the total estimated federal tax due to the total estimated self-employment tax due= M + D
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ODivide total taxes by 4= N / 4
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Line 'O' is your estimated quarterly tax payment.
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