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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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Total Tax Liability = $ 36000

Current Withholdings = $ 18283

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