Problem $9-11$

Estimated Payments $($LO $9\mathrm{.}4)$

Sherina Smith $($Social Security number $785-23-9873)$ lives at $536$ West Lapham Street, Milwaukee, WI $53204,$ and is self$-$employed for $2023.$ She estimates her $2023$ Schedule C net profit will be $$52,000,$ one$-$half of self$-$employment tax will be $$3,674,$ and her qualified business income deduction will be $$5,505$ in $2023.$ Sherina has no other forms of income or deductions. She has a dependent child aged $15$ and files as head of household. Sherina expects to daim the child tax credit in $2023$ but no other credits. Calculate her annual required payment based on $2023$ estimates using the $2023$ Estimated Tax Worksheet in Appendix F$.$ Complete the worksheet through line $12$a only.

Click here to access the $2023$ Tax Rate Schedules for this problem.

$2023$ Estimated Tax Worksheet

$1$ Adjusted gross income you expect in $2023($see instructions$)$

$2$a Deductions

If you plan to itemize deductions, enter the estimated total of your itemized deductions.

If you don't plan to itemize deductions, enter your standard deduction.

b If you can take the qualified business income deduction, enter the estimated amount of the deduction

c Add lines $2$a and $2b$

$3$ Subtract line $2c$ from line $1$

$4$ Tax. Figure your tax on the amount on line $3$ by using the $2023$ Tax Rate Schedules.

Caution: If you will have qualified dividends or a net capital gain, or expect to exclude or deduct foreign earned income or housing, see Worksheets $2-5$ and $2-6$ in Pub. $505$ to figure the tax....

$5$ Alternative minimum tax from Form $6251.$

$6$ Add lines $4$ and $5.$ Add to this amount any other taxes you expect to include in the total on Form $1040$

$7$ Credits $($see instructions$).$ Do not indude any income tax withholding on this line $....$

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