posted by Diane on .
having problem with question47. Darrell owns a consulting business and has an estimated annual income of $63,000. his social security tax is 12.4%, medicare is 2.9%, and his estimated federal income tax rate is 22%. how much quarterly estimated tax must darrell send to the irs for the first quarter?
First, figure out his quarterly income from his yearly income. Just divide it by 4.
Then multiply the quarterly income by each of the three tax percentages, to figure out how much tax he owes for each one. Then simply sum the 3 results to get the total tax for the quarter.