state taxes due yearly or quarterly?

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Topic Author
Peppergrass
Posts: 49
Joined: Tue Mar 27, 2018 7:25 pm

state taxes due yearly or quarterly?

Post by Peppergrass » Thu Mar 28, 2019 2:17 pm

Hi guys,

I just moved to. state with income tax, wondering as all that seems to come up was an end of year tax usually filed with the federal tax same time? is that correct or do they want quarterly like federal ???

thank you!

Workable Goblin
Posts: 100
Joined: Fri Mar 01, 2019 8:37 pm
Location: Honolulu, HI

Re: state taxes due yearly or quarterly?

Post by Workable Goblin » Thu Mar 28, 2019 2:39 pm

Peppergrass wrote:
Thu Mar 28, 2019 2:17 pm
Hi guys,

I just moved to. state with income tax, wondering as all that seems to come up was an end of year tax usually filed with the federal tax same time? is that correct or do they want quarterly like federal ???

thank you!
Which state are you in? I believe states will want you to either withhold appropriately or make estimated tax payments if that's not possible for some reason, and I can state for a fact that Hawaii does, but it would be helpful to know which exact state you were in to check.

22twain
Posts: 2187
Joined: Thu May 10, 2012 5:42 pm

Re: state taxes due yearly or quarterly?

Post by 22twain » Thu Mar 28, 2019 2:58 pm

In the states I’ve lived in, state and federal income taxes work basically the same way. If your employer withholds federal tax from your earnings, they should also withhold state tax. If some or all of your income is not subject to withholding, so you have to make federal quarterly estimated tax payments, you probably need to make state quarterly estimated tax payments also.

At the end of the tax year, you file a state return and either make a final payment or get a refund, just like with federal tax.
My investing princiPLEs do not include absolutely preserving princiPAL.

seymore92
Posts: 91
Joined: Sun Nov 27, 2016 9:16 am

Re: state taxes due yearly or quarterly?

Post by seymore92 » Thu Mar 28, 2019 3:02 pm

Even when there are quarterly payments, the details may differ from the Federal requirements. Some states, for example California, have estimated payment requirements quarterly, but not the 3rd quarter. The amounts are as follows:
Important: California differs from federal. To avoid an estimate penalty, you must pay at least:

30 percent First quarter (April 15)
40 percent Second quarter (June 17)
0 percent Third quarter (September 16)
30 percent Fourth quarter (January 15)
https://www.ftb.ca.gov/individuals/faq/ivr/208.shtml

Note that in California, therefore, cumulatively, 30% is paid by 4/15, 70% by 6/17, and 100% by 1/15.

Topic Author
Peppergrass
Posts: 49
Joined: Tue Mar 27, 2018 7:25 pm

Re: state taxes due yearly or quarterly?

Post by Peppergrass » Mon Apr 01, 2019 2:02 am

ok thanks guys,

I guess if I tell you Hawaii you can give me better information..

thanks!

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