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November 26, 2014

November 26, 2014

Posted by **jon** on Sunday, January 9, 2011 at 6:13pm.

I think it is 8.42%

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?

I have 5,874.75

Could someone check these to see if I am right.

- math -
**Henry**, Monday, January 10, 2011 at 4:24pm%Int. = (210.50/6000) 100 = 3.508%

for 150 days.

%Int.=(3.508% / 150 days )360days/yr = 8.42% / yr

- math -
**Bonnie**, Monday, January 10, 2011 at 4:49pmThank You Henry

- math -
**Henry**, Monday, January 10, 2011 at 5:26pmAnnual Taxes = (12.4 + 2.9 + 22)% / 100%)63000 = 23499 /yr.

Quarterly Taxes = 23499 / 4 = 5874.75.

- math -
**Henry**, Monday, January 10, 2011 at 5:32pmGlad I could help!

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