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How to Use IRS Form 1040-ES: Estimated Tax for Individuals

For information on the third coronavirus relief package, see our blog post, American Rescue Plan: What Does it Mean for You and a Third Stimulus Check.

Who pays the estimated tax?

Not all income is designed to allow taxes to be deducted at source. Freelancers and freelancers, for example, do not have a tax deduction on their salary. Interest, dividend and rent income, taxable unemployment benefits, retirement benefits and the taxable portion of your Social Security benefits are other examples of income that is not taxed at source. If you earn such income, you should pay the estimated tax.

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