Compute Adela's estimated tax payment for the second quarter. She is self-employed and she expects to earn $93,440 this year. Her estimated income tax rate is 25%. 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.
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1 Answer

quarter income=93,440/4=23,360

income tax at 25%...0.25*23,360=5,840

SS at 12.4%=2,896.64

medikare: 2.9%=677.44
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