In this video I'm talking about how to fill out the 2020 estimated tax payments worksheet and 2020 estimated tax calculation. If you want to know how to calculate your 2020 estimated tax payments this video is for you.
You have enough on your plate as a self employed small business owner and adding estimated tax payments doesn't make life any easier. If you don't make the correct amount of estimated tax payments you could be subject to additional taxes and penalties.
I'm using two methods on how to calculate estimated tax payments.
0:00 Intro
1:26 Example for Estimated Tax Payments
2:18 Self Employment Tax Calculation
3:37 Beginning 2020 Estimated Tax Worksheet
3:53 Itemized versus Standard Deduction
4:18 Qualified Business Income Deduction
5:52 Federal Income Tax Calculation
6:09 Federal Income Tax Brackets
8:44 Self Employment Tax
9:29 Estimated Tax Payments
10:10 IRS W4 Online Tax Estimator
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TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website: https://www.sicklehunter.com'>https://www.sicklehunter.com
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Sickle Hunter Financial Advisors
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Tampa, FL 33606
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