Narrative 9-2
Use the Information Below to Solve the Following

question 12

Short Answer

Narrative 9-2
Use the information below to solve the following problems:
$$\begin{array} { l l l } & \text { Tax Rate } & \text { Wage Base } \\\text { Social security } & 6.2 \% & \$ 128,400 \\\text { Medicare } & 1.45 \% & \text { no limit } \\\text { FUTA } & .6 \% & \$ 7,000 \\\text { SUTA } & 5.4 \% & \$ 7,000\end{array}$$
-Refer to Narrative in your text 9-2. Jane Loprest is self-employed with an annual salary of $49,200.00. In addition to the social security and Medicare tax, her estimated federal income tax rate is 14%. How much quarterly estimated tax must Jane send to the IRS each quarter?

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Definitions:

Internal Improvements

Government-funded public works, such as roads, bridges, and canals, aimed at improving the infrastructure and economic development of a nation.

Younger Federalists

Members of a younger generation within the Federalist Party, which was a first American political party advocating for a strong national government.

Democratic-Republican Policy

pertains to the early political ideology in the United States that championed states' rights and an agrarian-based economy, opposed to the Federalist focus on centralized federal government and commerce.