Adelaide is self-employed and must submit estimated quarterly tax payments. Her predicted total tax liability for the current year will be $36,000, and her current withholdings are $18,283. She is advised to determine her quarterly payments by subtracting her current withholdings from her predicted total tax liability and dividing by four. What is a good estimate for Adelaide to use for her quarterly payments?
Adelaide is self-employed and must submit estimated quarterly tax payments. Her predicted total tax liability for the current year will be $36,000, and her current withholdings are $18,283. She is advised to determine her quarterly payments by subtracting her current withholdings from her predicted total tax liability and dividing by four. What is a good estimate for Adelaide to use for her quarterly payments?
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 8P: Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She...
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Adelaide is self-employed and must submit estimated quarterly tax payments. Her predicted total tax liability for the current year will be $36,000, and her current withholdings are $18,283. She is advised to determine her quarterly payments by subtracting her current withholdings from her predicted total tax liability and dividing by four. What is a good estimate for Adelaide to use for her quarterly payments?
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Step 1 Given
Total Tax Liability = $ 36000
Current Withholdings = $ 18283
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