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Compute Sun Jung's estimated tax payment for the second quarter. She is self-employed and she expects to earn $61,760 this year. Her estimated income tax rate is 23%. For self-employed persons, social security tax is 12.4% of wages up to $106,800, and Medicare tax is 2.9% of all wages.

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  1. 23% of wages is 14204.80
    SS tax is 7658.24
    FICA tax is 1791.04
    so, subtract all those from her gross.

    Or, note that the total taxes add up to 38.3%, so just subtract that amount.

    Or not. You never really did ask a question.

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    posted by Steve

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