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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.

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babycat
11:52
@m10: I’m not going to DC this isn’t going to work out
11:55
hello all
hello info man
@m10: go see her it's worth the risk
11:55
hey wasp
babycat
11:56
hi information man
m10
11:56
Thanks wasp, I will.
11:56
hey babycat
m10
11:56
@babycat: What I am referencing earlier with the balls comment. https://youtu.be/qjRBAhWPT7g?si=MxPwIM12dco_Ad2M&t=3325
BulbasaurNoLikeCardio
11:56
Not worth the risk. Get a girl sick and she will remind you forever. Tell her whats up but do not share germs
m10
11:56
was*
JumpySubsequentDolphin
11:57
wear a mask
JumpySubsequentDolphin
11:57
go back to Covid days
m10
11:58
Nah nah she would not like that. She is conservative.
BulbasaurNoLikeCardio
11:58
Tell her you just got over a cold and if she wants to try and steal your germs its on her but no one likes being sick so hopefully she is chill
m10
11:59
We will see. This is enough feedback. Thank you all.
12:00
tell her you wanna test and see if your immune systems are compatible, that gets the ladies going
m10
12:00
Lol, maybe
babycat
12:00
lmao when you give the republican baddie the ick by masking up
12:01
LOL
Dkk
12:02
Just part of the culture.
BulbasaurNoLikeCardio
12:04
I wish that wearing a mask when sick stuck around as an okay thing like it is in the rest of the world, not all of us have enough sick days to be ditching work.
Dkk
12:04
Unless its like an N95 i dont think it will really do anything
12:04
there's even a mask ban in some places. altho one of my coworkers wears a mask anyway despite customers being rude to her about it
12:05
good morning
12:05
why does umiami ask "Are you applying, or have you applied, to other law schools? If so, please list them."
BulbasaurNoLikeCardio
12:05
One manager came in sick wearing a mask, got roasted and stopped wearing it that day. The entire office has been cycling sickness for two weeks now. It may not be super effective but it may help in slowing the spread during meetings when we have to be so close
12:05
am i the only one who has never gotten my status checker to work on here?
BulbasaurNoLikeCardio
12:06
@ChowieBean: want to see what schools they share an applicant pool with, think it is all data harvesting stuff no a +/- for the applicant
12:06
ok good cuz idk whether i wanna tell them or not
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