WI Tax question

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2009-06-15 4:48 PM

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Eat Cheese or Die
Subject: WI Tax question
I have to make quarterly estimated tax payments for WI for income tax. Last year I used the WI Dept of Internal revenue instructions and came up with a payment of $360 per month. However I was only working this job for the second two quarters. So on our return it says that for the first two quarters, after deductions from my wife's pay we under payed by only $27. For the second two quarters including deductions and my estimated payments it says we over payed by $333. So does this mean that going of last years numbers I only really need to pay $27/quarter?

I hate figuring out taxes. I don't mind paying them, but make them easy to figure out.

2009-06-15 9:21 PM
in reply to: #2219504

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Expert
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Subject: RE: WI Tax question
Looks like none of us understand the tax code either
2009-06-19 1:01 PM
in reply to: #2219504

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Germantown, WI
Subject: RE: WI Tax question
I am a CPA and would be happy to answer your question, but I need some more information.  I am out of town until Thursday the 26th but will have internet access while out of town.  Send me a message and we can talk.

The main think to remember though is that the Dept of Revenue estimates are just that - estimates that will change the following year based on your current situation and any changes in the tax code.  Calculating your current situation during the year is a good thing to do and not just go by what you thought it would be at the end of last year.  That said though you don't want to underpay and have to pay an underpayment penalty.  

Like I said though, if you need more specific information, send me a message. 
2009-06-19 1:23 PM
in reply to: #2219504

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Champion
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Menomonee Falls, WI
Subject: RE: WI Tax question
The Wisconsin Tax Plan, according to our current governor, is this:

"Oh, I see you have some money there. Yeah, I'm going to be needing that."

2009-06-19 4:54 PM
in reply to: #2229399

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Subject: RE: WI Tax question
scoobysdad - 2009-06-19 1:23 PM The Wisconsin Tax Plan, according to our current governor, is this: "Oh, I see you have some money there. Yeah, I'm going to be needing that."


Ain't that the truth.
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