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.
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%?
1 answer