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I have read about Estimated Tax Payments in this board's FAQs but remain confused about how much to pay by when.

Senario: On our 2002 income (less than $150,000), we plan to pay 100% of our 2001 tax obligation through a combination of withholding plus 4 equal and timely Estimated Tax payments. (The major portion of our 2002 income will have been received in the first quarter -- NO taxes were withheld were from this portion.)

My hiccup with FAQs Estimated Taxes article as it pertains to the above senario:

. Our "safe harbor" appears to be 100% of our 2001 tax obligation. (To be paid in 4 equal and timely Estimated Tax payments and no matter how much we may still owe April 2003.)

But the article also indicates -

. Each quarter stands alone, and income spikes in one quarter do not allow putting off payment of taxes due to another quarter. (I could interpret that to read that we made more money in the first quarter and therefore we owe more taxes for the first quarter than we will have paid in with the first quarter's Estimated Tax payment.)

. Is 100% of our 2001 tax obligation correct?
. Are we just lucky to have made the bulk of income in the first quarter and won't have to pony-up for all those taxes until it catches up with the equal and timely payments of the later quarters?
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