Scott Stewart is the self-employed owner of Stewart Software. His estimated annual earnings are $48,000 and he expects to pay 18% of this amount in income tax. What will be his quarterly estimated tax payment for the second quarter? (For self-employed persons, social security tax is 12.4% of wages up to $106,800, and Medicare tax is 2.9% of all wages.)

asked by anoymous

11 years ago

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1 answer

I'd say 48000 * (.18+.124+.029) / 4 = 3996

answered by Steve

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Question

Scott Stewart is the self-employed owner of Stewart Software. His estimated annual earnings are $48,000 and he expects to pay 18% of this amount in income tax. What will be his quarterly estimated tax payment for the second quarter? (For self-employed persons, social security tax is 12.4% of wages up to $106,800, and Medicare tax is 2.9% of all wages.)

1 answer

I'd say 48000 * (.18+.124+.029) / 4 = 3996

Steve · Accepted Answer

I'd say 48000 * (.18+.124+.029) / 4 = 3996