Estimate Chart Income Tax Question

by Ted Diaz
(Pueblo, Co Pueblo)

Estimate Chart Income Tax Question

Do you have a chart to show how much taxes I would have to pay when I retire with my pension and social security?

Estimated Tax

I made a total withdrawal, without any witholding, from a traditional IRA in the amount of $615,651 on 9/6/2011. This amount in addition with pension and Social Security, makes my income tax for this year (2011) to be approximately $199,000.

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Total tax withholding for 2011 will be .....$622

Expected total income tax for 2011 ....$199,000

Total tax paid last year (2010) was.... $12,898
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With the above information, can you answer the following questions about avoiding a penalty?

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*Do I have to pay the total estimated tax payment by Jan 17, 2012 of approximately $199,000?

*Can I pay an estimated tax payment of 110% of last years total tax ($14,188) by Jan 17 and pay the remaining amount owed by April 15?

*Can I wait until April 15 and pay the actual total owed at that time?

*Can the income of $615,651 be spread over two years

Estimated Taxes Paid On My Behalf Without Consent or Knowledge

I am a share holder in a business corporation and estimated taxes were paid on my behalf without consent or knowldege or proper information as to what this applies to is this legal to use my social security number without permission?

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