Laura is selfemployed and expects to make $96,000 her social security tax is 12.4% up to the wage base, medicare is 2.9% and her estimated federal tax rate is 25% what is Lauras expected tax payment for the fourth quarter.

would it be $9,672.00

Math assistance needed.

could you please help

Thank you

Yes, it is.

To calculate Laura's expected tax payment for the fourth quarter, we need to consider the social security tax, Medicare tax, and federal tax.

1. Social Security Tax:
The social security tax rate is 12.4%. However, it applies only to the wage base, which is the maximum amount of income subject to social security tax. For 2021, the wage base is $142,800. Since Laura's expected income is $96,000, we need to calculate the social security tax on this amount:
Social Security Tax = ($96,000 * 12.4%) = $11,904

2. Medicare Tax:
The Medicare tax rate is 2.9%, and it applies to all of Laura's income. Therefore, we can calculate the Medicare tax directly:
Medicare Tax = ($96,000 * 2.9%) = $2,784

3. Federal Tax:
Laura's estimated federal tax rate is 25%. To calculate her federal tax, we need to multiply her income by the tax rate:
Federal Tax = ($96,000 * 25%) = $24,000

4. Fourth Quarter Tax Payment:
To find Laura's expected tax payment for the fourth quarter, we need to divide the total tax amount (social security tax + Medicare tax + federal tax) by the number of quarters (4):
Expected Fourth Quarter Tax Payment = ($11,904 + $2,784 + $24,000) / 4 = $37,688 / 4 = $9,422

Therefore, Laura's expected tax payment for the fourth quarter would be $9,422, not $9,672.