Question: Math

How can Algebra help me with estimating taxes?

In Math | Asked by BookRagsHelper
Asked from the Algebra study pack
Answers

Darrell owns a consulting business and has an estimated annual income of $63000. His Social Security tax 12.4%, medicare is 2.9% , and his estimated federal income tax rate is 22%. How much quarterly estimated tax must Darrell send to the irs for the first quarter?  T= estimated tax

T= (Income)(SS tax +Medicare tax+Fed Tax) /4 (4 quarters in a year)

T=$63000 x 37.3% / 4

CherieS | 498 days ago