Calculate Quarterly Taxes

Forward income records, last year's return, and current year estimates. Get exact quarterly payment amounts with penalty risk analysis.

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FWD: Q2 Tax Payment - Need Calculation ASAP

---------- Forwarded message ---------
From: Sarah Chen <sarah@designstudio47.com>
Date: June 10, 2024
Subject: Q2 Tax Payment - Need Calculation ASAP

Hi,

Q2 estimated tax payment is due June 17th and I'm completely lost on the calculation. Here's what I have:

2023 AGI: $142,000 (filed jointly)
2024 YTD income: $71,500 (Jan-May from 3 clients)
Projected 2024: ~$165,000
Q1 payment made: $8,500
Self-employed (graphic design consultancy)
Live in California

I paid penalties last year for underpayment and can't afford that again. But also can't tie up too much cash with a big project starting in July.

Can you calculate my exact Q2 payment amount? And what's the minimum I can pay to avoid penalties?

Thanks!