am.111. Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $309,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%.How much estimated tax (in $) must Marc send to the IRS each quarter?

The objective of the question is to calculate the estimated tax that Marc Batchelor must send to the…

Answered: Marc Batchelor, a self-employed sales…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 44P

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