Q:

Does the IRS provide an online calculator to determine estimated tax payments?

A:

Quick Answer

The Internal Revenue Service does not provide a tax estimate calculator but does offer a withholding calculator to help taxpayers understand how much money to allocate to taxes from each pay check. This approach helps prevent a substantial liability at the end of the tax period.

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Full Answer

A common approach in estimating taxes is to use the prior-year filed return as a basis for calculation. Taxpayers can make estimated payments using Form 1040-ES. Payments should also be made quarterly. The Internal Revenue Service accepts payments via standard postage or through the Electronic Federal Tax Payment System. The official website of the organization offers a detailed questionnaire and calculator to assist with tax withholding calculations as well.

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