Publication 505 - Tax Withholding And Estimated Tax Page 21
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492002 Estimated Tax Worksheet (keep for your records)
1
1
Enter amount of adjusted gross income you expect in 2002 (see instructions)
● If you plan to itemize deductions, enter the estimated total of your itemized deductions.
2
Caution: If line 1 above is over $137,300 ($68,650 if married filing separately), your
deduction may be reduced. See Pub. 505 for details.
2
● If you do not plan to itemize deductions, see Standard Deduction on page 2 and
enter your standard deduction here.
3
3
Subtract line 2 from line 1
4
Exemptions. Multiply $3,000 by the number of personal exemptions. If you can be claimed as a dependent
on another person’s 2002 return, your personal exemption is not allowed. Caution: See Pub. 505 to
figure the amount to enter if line 1 above is over: $206,000 if married filing jointly or qualifying widow(er);
4
$171,650 if head of household; $137,300 if single; or $103,000 if married filing separately
5
5
Subtract line 4 from line 3
6
Tax. Figure your tax on the amount on line 5 by using the 2002 Tax Rate Schedules on
6
page 2. Caution: If you have 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 the
8
education credits (see instructions)
9
9
Credits (see instructions). 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). Estimate of 2002 net earnings from self-employment
$
; if $84,900 or less, multiply the amount by 15.3%; if more than $84,900,
multiply the amount by 2.9%, add $10,527.60 to the result, and enter the total. Caution: If you
11
also have wages subject to social security tax, see Pub. 505 to figure the amount to enter
12
12
Other taxes (see instructions)
13a
13a Add lines 10 through 12
13b
b Earned income credit, additional child tax credit, and credit from Form 4136
13c
c Total 2002 estimated tax. Subtract line 13b from line 13a. If zero or less, enter -0-
14a
14a
Multiply line 13c by 90% (66
⁄
% for farmers and fishermen)
2
3
b Enter the tax shown on your 2001 tax return (112% of that amount if
you are not a farmer or fisherman and the adjusted gross income
shown on line 34 of that return is more than $150,000 or, if married
14b
filing separately for 2002, 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 may pay the amount shown on line 13c. For details, see Pub. 505.
15
Income tax withheld and estimated to be withheld during 2002 (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.)
17
If the first payment you are required to make is due April 15, 2002, enter
⁄
of line 16 (minus any
1
4
2001 overpayment that you are applying to this installment) here, and on your payment voucher(s)
if you are paying by check or money order. (Note: Household employers, see instructions.)
17
Chapter 2 Estimated Tax for 2002
Page 21
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