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Yes, absolutely you can skip estimated tax payments for 2021. Of course, you could end up owing a lot when you file in early 2022, especially if you're earning self-employment income, so make sure you save plenty to be able to pay what you owe then.


The US has progressive tax brackets, meaning that the tax rates increase as you go up in tax brackets. For example, for 2020 for married filing jointly, the first $19,750 of taxable income is taxed at 10%; the next $60,500 of taxable income is taxed at 12%; and the next $90,800 of taxable income is taxed at 22%, etc. (And there's also effectively a "0% ...


I'm assuming you file jointly. The income of the second spouse is taxed at the "incremental" tax rate. In your case this income is taxed (more or less) in the 22% bracket, so the incremental tax on your spouses income would be $6600 dollars, which is more than the withholding. You can do it the other way around and see the same effect: if you start ...

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