15% to 39.6% on your share of the business' net income (plus your other personal income).
10% on first $ net income
15% on next income up to:
25% on next income up to:
28% on next income up to:
33% on next income up to:
then 35% to 39.6%
To avoid penalties
To avoid penalties, you must pay 90% of this year's tax or 100% of last year's tax in normal employment
withholding or estimated tax (this form). There are special requirements if your household income
was over $169,740 or you are a fisherman. Please see 1040ES instructions.
How you should complete the form.
What to enter
Take your share of the the annualized net income that you calculated with
IRS 1040 Schedule SE.
and add any other income you (or your spouse if you file jointly) expect to earn this year.
To avoid IRS fines for incorrect estimates, just use the standard deduction.
For 2013, this is $12,200 for married filing jointly; $8,950 for head of household and $6,100 for single.
Line 1 minus line 2
Multiply the number of personal exemptions by $3,900
Line 3 minus line 4
Tax. See tax rate schedules on page 2 of the instructions or the information
Adjustments for alternative minimum tax, which is usually 0, unless you
had large write-offs.
Adjustments for credits, which are usually 0, unless last year
you had tax credits and they still apply.