Form 1040-Es - Estimated Tax For Individuals - Payment Voucher 2005 Page 4
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62005 Estimated Tax Worksheet
Keep for Your Records
1
1
Adjusted gross income you expect in 2005 (see instructions below)
● If you plan to itemize deductions, enter the estimated total of your itemized deductions.
2
Caution: If line 1 above is over $145,950 ($72,975 if married filing separately), your deduction may be
reduced. See Pub. 505 for details.
2
● If you do not plan to itemize deductions, enter your standard deduction from page 2.
3
3
Subtract line 2 from line 1
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Exemptions. Multiply $3,200 by the number of personal exemptions. If you can be claimed as a dependent
on another person’s 2005 return, you cannot claim any dependents and your personal exemption is not
allowed. Caution: See Pub. 505 to figure the amount to enter if line 1 above is over: $218,950 if married
filing jointly or qualifying widow(er); $182,450 if head of household; $145,950 if single; or $109,475 if married
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filing separately
5
5
Subtract line 4 from line 3
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Tax. Figure your tax on the amount on line 5 by using the 2005 Tax Rate Schedules on page 5.
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Caution: If you have qualified dividends or a net capital gain, see Pub. 505 to figure the tax
7
7
Alternative minimum tax from Form 6251
8
Add lines 6 and 7. Also include any tax from Forms 4972 and 8814 and any recapture of education
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credits (see instructions below)
9
9
Credits (see instructions below). Do not include any income tax withholding on this line
10
10
Subtract line 9 from line 8. If zero or less, enter -0-
11
Self-employment tax (see instructions below). Estimate of 2005 net earnings from self-employment
$
; if $90,000 or less, multiply the amount by 15.3%; if more than $90,000, multiply
the amount by 2.9%, add $11,160 to the result, and enter the total. Caution: If you also have wages subject
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to social security tax, see Pub. 505 to figure the amount to enter
12
12
Other taxes (see instructions below)
13a
13a
Add lines 10 through 12
13b
b
Earned income credit, additional child tax credit, and credits from Form 4136 and Form 8885
13c
c Total 2005 estimated tax. Subtract line 13b from line 13a. If zero or less, enter -0-
14a
14a
Multiply line 13c by 90% (66
2
⁄
% for farmers and fishermen)
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b
Enter the tax shown on your 2004 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
14b
than $150,000 or, if married filing separately for 2005, 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.
15
Income tax withheld and estimated to be withheld during 2005 (including income tax withholding
15
on pensions, annuities, certain deferred income, etc.)
16
Subtract line 15 from line 14c. (Note: If zero or less or line 13c minus line 15 is less than $1,000,
16
stop here. You are not required to make estimated tax payments.)
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If the first payment you are required to make is due April 15, 2005, enter
1
⁄
of line 16 (minus any 2004
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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.)
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Instructions for the 2005
Line 9. Credits. See the instructions for the
Include household employment taxes
2004 Form 1040, lines 46 through 54, or Form
(before subtracting advance EIC payments
Estimated Tax Worksheet
1040A, lines 29 through 34.
made to your employee(s)) on line 12 if:
● You will have federal income tax withheld
Line 1. Adjusted gross income. Use your
Line 11. Self-employment tax. If you and
from wages, pensions, annuities, gambling
2004 tax return and instructions as a guide to
your spouse make joint estimated tax
winnings, or other income, or
figuring the adjusted gross income you expect
payments and you both have self-employment
● You would be required to make estimated
in 2005 (but be sure to consider the items
income, figure the self-employment tax for
tax payments (to avoid a penalty) even if you
listed under What’s New for 2005 that begin
each of you separately. Enter the total on
did not include household employment taxes
on page 1). For more details on figuring your
line 11. When figuring your estimate of 2005
when figuring your estimated tax.
adjusted gross income, see Expected
net earnings from self-employment, be sure to
Do not include tax on recapture of a federal
Adjusted Gross Income in Pub. 505. If you are
use only 92.35% of your total net profit from
mortgage subsidy, social security and
self-employed, be sure to take into account
self-employment.
Medicare tax on unreported tip income, or
the deduction for one-half of your
uncollected employee social security and
Line 12. Other taxes. Except as noted below,
self-employment tax.
Medicare or RRTA tax on tips or group-term
enter any other taxes, such as the taxes on
Line 8. Include on this line the additional taxes
life insurance. These taxes are not required to
distributions from a Coverdell education
from Form 4972, Tax on Lump-Sum
be paid until the due date of your income tax
savings account or a qualified tuition program,
Distributions, and Form 8814, Parents’
return (not including extensions).
and early distributions from (a) an IRA or other
Election To Report Child’s Interest and
qualified retirement plan, (b) an annuity, or (c) a
Line 17. If you are a household employer and
Dividends. Also include any recapture of
modified endowment contract entered into
you make advance EIC payments to your
education credits.
after June 20, 1988.
employee(s), reduce your required estimated
tax payment for each period by the amount of
advance EIC payments paid during the period.
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