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.

Question

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.

Answer 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.