a income of 63000.00 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 his send to the irs for the quarter
If you do it as suggested
(1/4)(63,000)( .124 + .029 + .22 )
However this is over simplified because it ignores deductions and exemptions and credits.