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Author: troyman Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123479  
Subject: Re: Penalty for underpayment due to capital gain Date: 10/21/1999 12:13 AM
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[ With the increase in salary it looks like your withholding this year will just about equal 1998 taxes. Make sure it does with an extra withholding if necessary, then nothing more due until you file in April. Your safe harbor is 100% of 1998 taxes since your AGI waas under $150K.]

Edcosoft and BladeXrunners,

Much thanks for your assessments of my situation!

If I understand them correctly, and given that:
1) my 1998 withholdings through my employer amounted to $18,277
2) my 1999 employer withholdings to date are $16,498 through 19 paychecks (semi-monthy 7th and 22nd of each month) with 5 paychecks to go
3) my current Federal withholding amounts to $800 per paycheck (since I have maxed out on 401K contributions at $10,000)

1) at the current clip, my 1999 withholdings will amount to $20,498
2) $20,498 is 112% of $18,277


As a side…since I am not married and earned more than $75k, isn't my safe harbor amount actually 105%?

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