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Tax Reminder: Quarter 2 Estimated Taxes Due June 15

As a reminder both Quarter 2 corporation and individual estimated taxes are due June 15.

 Yes, the government uses a 2 month “quarter” for Quarter 2 taxes.

 Even worse, for California purposes you are expected to pay 70% of your estimated taxes by quarter 2 instead of 50% for Federal purposes.

 Note: If you are a gig economy worker or have part-time consulting income, you are subject to estimated tax reporting as a self-employed person. Many self-employed individuals are unaware that they are responsible for self-employment tax (Social Security and Medicare taxes) which can be as high as 15.3%.

For assistance in calculating your estimated taxes, please contact me today.

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Richard Pon CPA, CFP