Employee

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My income for 2016 is going to be around 179000. My withholding will be about $30,000. Is this enough ?

Forum|Forum|7 years ago
June 1, 2019
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Best answer by SweetieJean

Probably not, depending upon your filing status, income type, deductions/credits, etc.

http://fairmark.com/general-taxation/reference-room/2016-tax-rate-schedules/

Also remember your state taxes.

SweetieJeanAnswer

Employee

Probably not, depending upon your filing status, income type, deductions/credits, etc.

http://fairmark.com/general-taxation/reference-room/2016-tax-rate-schedules/

Also remember your state taxes.

Employee

Here are some withholding calculators and tax estimators.

https://www.irs.gov/individuals/irs-withholding-calculator

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

How did you get so far behind? Do you have self-employment income in addition to a regular W-2 job with withholding? You are required to pay your own estimated taxes at least quarterly for any self-employment income that is not subject to withholding. Or do you have a lump sum income from sale of an asset or something similar? You may need to make an estimated payment for that to avoid interest and penalties later.