Darrell owns a consulting business and has an estimated annual income of $63000. His Social Security tax 12.4%, medicare is 2.9% , and his estimated federal income tax rate is 22%. How much quarterly estimated tax must Darrell send to the irs for the first quarter? T= estimated tax
T= (Income)(SS tax +Medicare tax+Fed Tax) /4 (4 quarters in a year)
T=$63000 x 37.3% / 4