Form 1040-Es - Estimated Tax For Individuals

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)

13a

Add lines 10 through 12

13b

Earned income credit, additional child tax credit, and credits from Form 4136 and Form 8885

13c

c Total 2007 estimated tax. Subtract line 13b from line 13a. If zero or less, enter -0-

14a

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

14b

more than $150,000 or, if married filing separately for 2007, more than $75,000)

14c

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.)

16a

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.

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

self-employment.

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).

exceptions.

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.

credits.

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.

Page 4

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

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