How much tax must be sent to the IRS for the first quarter if the annual income is $63,000.00, Social Security is 12.4%, Medicare is 2.9% and federal income tax rate is 22%?
Step 1
Annual income/4 quarters = quarterly income subject to tax to be sent to IRS
Step 2
Add up the individual tax percents to get the total percent ( 12.4% + 2.9% + 22% = ?)
Step 3
Multiply the result of step 1 by the result of step 2. This is the total tax amount to be sent to the IRS.