Form 1040-Es - Estimated Tax For Individuals - 2007 Page 4


2007 Estimated Tax Worksheet
Keep for Your Records
Adjusted gross income you expect in 2007 (see instructions below)
If you plan to itemize deductions, enter the estimated total of your itemized deductions.
Caution: If line 1 above is over $156,400 ($78,200 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 $3,400 by the number of personal exemptions. Caution: See Pub. 505 to figure the
amount to enter if line 1 above is over: $234,600 if married filing jointly or qualifying widow(er); $195,500 if head
of household; $156,400 if single; or $117,300 if married filing separately
Subtract line 4 from line 3
Tax. Figure your tax on the amount on line 5 by using the 2007 Tax Rate Schedules on page 3. Caution: If
you have qualified dividends or a net capital gain, or expect to claim the foreign earned income exclusion or
housing exclusion, see Pub. 505 to figure the tax
Alternative minimum tax from Form 6251
Add lines 6 and 7. Also include any tax from Form 4972 and Form 8814 and any recapture of education credits
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 2007 net earnings from self-employment
; if $97,500 or less, multiply the amount by 15.3%; if more than $97,500, multiply the
amount by 2.9%, add $12,090 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 2007 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 2006 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 2007, 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 2007 (including income tax withholding on pensions,
annuities, certain deferred income, etc.)
Subtract line 15 from line 14c
Is the result zero or less?
Yes. Stop here. You are not required to make estimated tax payments.
No. Go to line 16b.
b Subtract line 15 from line 13c
Is the result less than $1,000?
Yes. Stop here. You are not required to make estimated tax payments.
No. Go to line 17 to figure your required payment.
If the first payment you are required to make is due April 16, 2007, enter
of line 16a (minus any 2006
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.)
If you meet one or both of the above, include in
self-employment tax for each of you separately. Enter
Instructions for the 2007
the amount on line 12 the total of your household
the total on line 11. When figuring your estimate of
Estimated Tax Worksheet
employment taxes before subtracting advance EIC
2007 net earnings from self-employment, be sure to
payments made to your employee(s).
use only 92.35% of your total net profit from
Line 1. Adjusted gross income. Use your 2006 tax
Exception 2. Of the amounts for other taxes that
return and instructions as a guide to figuring the
may be entered on line 63, do not include on line 12:
adjusted gross income you expect in 2007 (but be
Line 12. Other taxes. Use the instructions for the
tax on recapture of a federal mortgage subsidy,
sure to consider the items listed under What’s New
2006 Form 1040 to determine if you expect to owe,
uncollected employee social security and Medicare
for 2007 that begin on page 1). For more details on
for 2007, any of the taxes that would have been
tax or RRTA tax on tips or group-term life insurance,
figuring your adjusted gross income, see Expected
entered on lines 60 (additional tax on early
tax on golden parachute payments, or excise tax on
AGI—Line 1 in chapter 2 of Pub. 505. If you are
distributions only), 61, and 62, and any write-ins on
insider stock compensation from an expatriated
self-employed, be sure to take into account the
line 63 of the 2006 Form 1040. On line 12, enter the
corporation. These taxes are not required to be paid
deduction for one-half of your self-employment tax
total of those taxes, subject to the following two
until the due date of your income tax return (not
(2006 Form 1040, line 27).
including extensions).
Line 9. Credits. See the 2006 Form 1040, lines 47
Exception 1. Include household employment
Line 17. If you are a household employer and you
through 55, or Form 1040A, lines 29 through 33, and
taxes (line 62) on this line only if:
make advance EIC payments to your employee(s),
the related instructions. However, be sure to consider
You will have federal income tax withheld from
reduce your required estimated tax payment for
the tax law changes noted earlier on the change in
wages, pensions, annuities, gambling winnings, or
each period by the amount of advance EIC
tax liability limit for certain nonrefundable personal
other income, or
payments paid during the period.
You would be required to make estimated tax
Line 11. Self-employment tax. If you and your
payments (to avoid a penalty) even if you did not
spouse make joint estimated tax payments and you
include household employment taxes when figuring
both have self-employment income, figure the
your estimated tax.
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