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LSDefine

Simple English definitions for legal terms

estimated taxes

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A quick definition of estimated taxes:

Estimated taxes are taxes that people have to pay to the government four times a year. These taxes are for the money they earn that doesn't have taxes taken out of it automatically, like money from working for yourself or from investments. People have to guess how much they will earn for the whole year and pay a quarter of that amount each time. If they don't pay enough or miss a payment, they will have to pay extra money as a fine. It's important to pay enough estimated taxes to avoid getting fined by the government.

A more thorough explanation:

Estimated taxes are taxes that individuals must pay to the IRS on a quarterly basis for income that is not subject to withholding taxes. This includes income from self-employment, dividends, and other sources that are not subject to payroll taxes.

For example, if someone is self-employed and earns income that is not subject to withholding taxes, they must estimate the taxes they will owe for the year and pay a quarter of that amount each quarter. If they do not pay enough or miss a payment, they will be charged interest and a fine.

To avoid fines, a person must pay at least 90% of the taxes they actually owe for the year or 100% of the amount they owed the previous year.

Overall, estimated taxes are an important part of ensuring that individuals pay the correct amount of taxes on income that is not subject to withholding taxes.

estates and trusts | estop

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Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
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