Federal
To avoid the penalty for failure to pay proper estimated taxes, an individual must make four required installment payments of estimated taxes based on her required annual payment.
Each installment is 25% of the lesser of:
(a) 90% of the tax shown on the individual’s tax return for the current year, or
(b) 100% of the tax shown on the prior year’s return (110% in the case of an individual with an adjusted gross income in excess of $150,000)
California
You must make estimated tax payments if you expect to owe at least $500 in tax for 2019 and you expect your withholding and credits to be less than the smaller of:
(a) 90% of the tax shown on the 2019 return, or
(b) 100% of the tax shown on your 2018 tax return.
Individuals who are required to make estimated tax payments and whose 2018 California adjusted gross income is more than $150,000 must figure estimated tax based on the lesser of 90% of their tax for 2019 or 110% of their tax for 2018.
California to avoid the estimated penalty you must pay at least 40% by April 15, 40% by June 17, 0% by Sep 16, and 30% by January 15.
If you need help with calculating your estimated taxes and tax projections, contact Abtin Barzin, Esq. at The Barzin Law Firm for assistance.