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1 Use your previous year's federal tax return as a check to make sure you include all the income and deductions you expect to take on your current year's tax return. 2  You should also look at the total tax you paid if you are going to base your estimated tax payments on 100 or 110 percent of your previous year's taxes.xample: You calculate that you need to pay $10,000 in estimated taxes throughout the year, and you don't make your first payment until June 15 (when the second estimate is due), so your first payment will be $5,000. Your September payment and your January payment will be $2,500 each.
For single filers the threshold is $25,000. For example, if you file as single and your annual benefit is $15,000, half of your benefit amount is $7,500. You you can earn up to $17,500 in additional income before you hit the $25,000 mark and have to pay taxes on Social Security benefits. Taxable Percentage When Social Security is taxable at all, you have to pay taxes on at least 50 percent of your benefits.