How do I figure my estimated tax payments?Español
When figuring your required estimated tax payments, you must pay the lesser of 100 percent of last year's tax or 90 percent of your current year's tax. However, a high income individual must base their estimate tax payments on the following applicable percentages.
If adjusted gross income is more than $150,000 ($75,000 if married filing a separate return) in the prior tax year:
- The required payment is the lesser of 90 percent of their tax for 2015 or 110 percent of their tax for 2014.
If adjusted gross income is $1 million or more ($500,000 if married filing a separate return) in the current tax year:
- The required payment is 90 percent of their tax for 2015.
This rule does not apply to farmers or fishermen.
Important: California differs from federal To avoid an estimate penalty, you must pay at least:
- 30 percent First quarter (April 15)
- 40 percent Second quarter (June 15)
- 0 percent Third quarter (September 15)
- 30 percent Fourth quarter (January 15)
Please use the California Estimated Tax Worksheet in the Instructions for Form 540-ES, Estimated Tax for Individuals (540ES Form Instructions) to figure your estimated tax payments.
Use Form 540-ES, Estimated Tax for Individuals, to pay your estimated tax installments.