If you expect that your Walker income not subject to withholding will be more than $10,000 for a resident after deductions or $20,000 for a non-resident after deductions ($100 in tax) in any calendar year, you must file quarterly estimated tax payments using form W-1040ES. For the tax year 2024, payments are due at the end of April, June, and September of 2024, and January of 2025.
Failure to file form W-1040ES and make the required payments will result in the assessment of penalty and interest for the late payment of tax. To avoid penalty and interest charges, you must pay in through withholdings and/or quarterly estimated payments at least 70% of your current year or prior year liability, whichever is lower.
If at any time during the year your income increases to such a level that one hundred dollars tax or more will be due at the end of the year, form W-1040ES must be filed with the appropriate payment. Please contact the Income Tax Department at 616-791-6880 if you need help calculating safe estimates.