Figure 2B, 2011 ES Worksheet from the Instructions for 2011 Form
1040ES
Summary: This is an example of the worksheet used to determine
the amount of estimated taxes the taxpayer needs to pay. The line items to be
completed are:

1. Adjusted gross income you expect in 2011 (see instructions)
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2. If you plan to itemize deductions, enter the estimated total
of your itemized deductions. If you do not plan to itemize deductions, enter
your standard deduction from page 2
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3. Subtract line 2 from line 1
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4. Exemptions. Multiply $3,700 by the number of personal exemptions.
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5. Subtract line 4 from line 3
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6. Tax. Figure your tax on the amount on line 5 by using the
2011 Tax Rate Schedules on page 6. Caution: If you will have qualified dividends
or a net capital gain, or expect to claim the foreign earned income exclusion or
housing exclusion, see chapter 2 of Pub. 505 to figure the tax
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7. Alternative minimum tax from Form 6251.
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8. Add lines 6 and 7. Add to this amount any other taxes you
expect to include in the total on Form 1040, line 44
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9. Credits (see instructions). Do not include any income tax
withholding on this line
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10. Subtract line 9 from line 8. If zero or less, enter 0
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11. Selfemployment tax (see instructions)
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12. Other taxes (see instructions)
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13a. Add lines 10 through 12
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13b. Earned income credit, additional child tax credit, fuel
tax credit, refundable American opportunity credit, and refundable credits from
Forms 5405, 8801, 8839, and 8885
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13c. Total 2011 estimated tax. Subtract line 13b from line 13a.
If zero or less, enter 0
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14a. Multiply line 13c by 90% (66 2/3% for farmers and fishermen)
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14b. Required annual payment based on prior year's tax (see
instructions)
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14c. Required annual payment to avoid a penalty. Enter the smaller
of line 14a or 14b. Caution: Generally, if you do not prepay (through income tax
withholding and estimated tax payments) at least the amount on line 14c, you may
owe a penalty for not paying enough estimated tax. To avoid a penalty, make sure
your estimate on line 13c is as accurate as possible. Even if you pay the
required annual payment, you may still owe tax when you file your return. If you
prefer, you can pay the amount shown on line 13c. For details, see chapter 2 of
Pub. 505.
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15. Income tax withheld and estimated to be withheld during
2011 (including income tax withholding on pensions, annuities, certain deferred
income, etc.)
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16a. Subtract line 15 from line 14c. Is the result zero or less?
If yes, stop here. You are not required to make estimated tax payments. If no,
go to line 16b
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16b. Subtract line 15 from line 13c. Is the result less than
$1,000? If yes, stop here. You are not required to make estimated tax payments.
If no, go to line 17 to figure your required payment.

17. If the first payment you are required to make is due April
18, 2011, enter 1/4 of line 16a (minus any 2010 overpayment that you are
applying to this installment) here, and on your estimated tax payment voucher or
vouchers, if you are paying by check or money order.
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