Arianna is self-employed. Based on last year, her projected state and federal taxes for this year will be approximately $5500. Determine how much Arianna should prepay each quarter in order to meet her projected taxes by the end of the year.
In order to determine how much Arianna should prepay each quarter, we need to first divide the total projected tax amount of $5500 by 4 (for the 4 quarters in the year).
$5500 / 4 = $1375
Therefore, Arianna should prepay approximately $1375 each quarter in order to meet her projected taxes of $5500 by the end of the year.