2016 second quarter (Q2) estimated payments are due by June 15, 2016!  If you expect to owe tax for the 2016 tax year, after subtracting any withholding and credits, you may be required to pay quarterly tax estimates.  You could be subject to potential underpayment penalties if you do not pay adequate quarterly estimated tax throughout the year.  

If your main source of income is wages for which you have sufficient taxes withheld, you most likely will not be required to make any estimated tax payments.  If, however, you are self-employed, have significant investment income, or you do not have sufficient taxes withheld from your wages (e.g., bonuses with only 25% federal withholding), contact your Somerset CPAs, P.C. advisor to review your income to date to determine if Q2 estimated payments (federal, state or local) are required.