Question
Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $301,000this year. His social security tax rate is 12.4% up to the wage base,
Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $301,000this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%.
How much estimated tax (in $) must Marc send to the IRS each quarter?
$
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Fundamentals Of Advanced Accounting
Authors: Joe Ben Hoyle
8th Edition
1260575926, 978-1260575927
