Form 1040-Es - Estimated Tax For Individuals - 2006 Page 4

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2006 Estimated Tax Worksheet
Keep for Your Records
Adjusted gross income you expect in 2006 (see instructions below)
● If you plan to itemize deductions, enter the estimated total of your itemized deductions.
Caution: If line 1 above is over $150,500 ($75,250 if married filing separately), your deduction may be
reduced. See Pub. 505 for details.
● If you do not plan to itemize deductions, enter your standard deduction from page 1.
Subtract line 2 from line 1
Exemptions. Multiply $3,300 by the number of personal exemptions. Caution: See Pub. 505 to figure the
amount to enter if you provided housing in 2006 to a person displaced by Hurricane Katrina, or if line 1 above
is over: $225,750 if married filing jointly or qualifying widow(er); $188,150 if head of household; $150,500 if
single; or $112,875 if married filing separately
Subtract line 4 from line 3
Tax. Figure your tax on the amount on line 5 by using the 2006 Tax Rate Schedules on page 5. Caution: If
you have qualified dividends or a net capital gain, see Pub. 505 to figure the tax
Alternative minimum tax from Form 6251
Add lines 6 and 7. Also include any tax from Forms 4972 and 8814 and any recapture of education credits
(see instructions below)
Credits (see instructions below). Do not include any income tax withholding on this line
Subtract line 9 from line 8. If zero or less, enter -0-
Self-employment tax (see instructions below). Estimate of 2006 net earnings from self-employment
; if $94,200 or less, multiply the amount by 15.3%; if more than $94,200, multiply the
amount by 2.9%, add $11,680.80 to the result, and enter the total. Caution: If you also have wages subject to
social security tax, see Pub. 505 to figure the amount to enter
Other taxes (see instructions below)
Add lines 10 through 12
Earned income credit, additional child tax credit, and credits from Form 4136 and Form 8885
c Total 2006 estimated tax. Subtract line 13b from line 13a. If zero or less, enter -0-
Multiply line 13c by 90% (66
% for farmers and fishermen)
Enter the tax shown on your 2005 tax return (110% of that amount if you are not
a farmer or fisherman and the adjusted gross income shown on that return is
more than $150,000 or, if married filing separately for 2006, more than $75,000)
c Required annual payment to avoid a penalty. Enter the smaller of line 14a or 14b
Caution: Generally, if you do not prepay (through income tax withholding and estimated tax payments) at least the amount on
line 14c, you may owe a penalty for not paying enough estimated tax. To avoid a penalty, make sure your estimate on line 13c
is as accurate as possible. Even if you pay the required annual payment, you may still owe tax when you file your return. If you
prefer, you can pay the amount shown on line 13c. For details, see Pub. 505.
Income tax withheld and estimated to be withheld during 2006 (including income tax withholding on pensions,
annuities, certain deferred income, etc.)
Subtract line 15 from line 14c. (Note: If zero or less or line 13c minus line 15 is less than $1,000, stop here. You
are not required to make estimated tax payments.)
If the first payment you are required to make is due April 17, 2006, enter
of line 16 (minus any 2005
overpayment that you are applying to this installment) here, and on your estimated tax payment voucher(s) if
you are paying by check or money order. (Note: Household employers, see instructions below.)
● Alternative motor vehicle credit. See Form
● You will have federal income tax withheld
Instructions for the 2006
from wages, pensions, annuities, gambling
Estimated Tax Worksheet
● Alternative fuel vehicle refueling property
winnings, or other income, or
● You would be required to make estimated
Line 1. Adjusted gross income. Use your
credit. See Form 8911.
2005 tax return and instructions as a guide to
● Clean renewable energy bond credit. See
tax payments (to avoid a penalty) even if you
figuring the adjusted gross income you expect
did not include household employment taxes
Form 8912.
in 2006 (but be sure to consider the items
when figuring your estimated tax.
Line 11. Self-employment tax. If you and
listed under What’s New for 2006 that begin
Do not include tax on recapture of a federal
your spouse make joint estimated tax
on page 1). For more details on figuring your
mortgage subsidy, social security and
payments and you both have self-employment
adjusted gross income, see Expected
Medicare tax on unreported tip income,
income, figure the self-employment tax for
Adjusted Gross Income in Pub. 505. If you are
uncollected employee social security and
each of you separately. Enter the total on
self-employed, be sure to take into account
Medicare tax or RRTA tax on tips or
line 11. When figuring your estimate of 2006
the deduction for one-half of your
group-term life insurance, tax on golden
net earnings from self-employment, be sure to
self-employment tax.
parachute payments, or excise tax on insider
use only 92.35% of your total net profit from
Line 8. Include on this line the additional
stock compensation from an expatriated
taxes from Form 4972, Tax on Lump-Sum
corporation. These taxes are not required to
Line 12. Other taxes. Except as noted
Distributions, and Form 8814, Parents’
be paid until the due date of your income tax
below, enter any other taxes, such as the
Election To Report Child’s Interest and
return (not including extensions).
taxes on distributions from a Coverdell
Dividends. Also include any recapture of
Line 17. If you are a household employer and
education savings account or a qualified
education credits.
you make advance EIC payments to your
tuition program, and early distributions from
Line 9. Credits. See the instructions for the
employee(s), reduce your required estimated
(a) an IRA or other qualified retirement plan,
2005 Form 1040, lines 47 through 55, or Form
tax payment for each period by the amount of
(b) an annuity, or (c) a modified endowment
1040A, lines 29 through 34. Also include any
advance EIC payments paid during the
contract entered into after June 20, 1988.
of the following credits in the total on line 9.
Include household employment taxes
● Residential energy credit. See Residential
(before subtracting advance EIC payments
Energy Credits that begins on page 1.
made to your employee(s)) on line 12 if:
Page 4


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