Rens is self-employed. Based on last year, his projected state and federal taxes for this year will be approximately $17,100. Determine how much Rens should put aside each month in order to have enough to pay his estimated quarterly taxes.

Answer 1

First, we need to determine how much Rens will owe each quarter for estimated taxes. Since he owes $17,100 for the year, he will owe approximately $4,275 each quarter.

To calculate how much Rens should put aside each month, we need to divide $4,275 by 3 (the number of months in each quarter). This gives us $1,425 per month.

Therefore, Rens should put aside $1,425 each month in order to have enough to pay his estimated quarterly taxes.