Juanita Is the Self-Employed Owner of Juanita's Linens

question 85

Multiple Choice

Juanita is the self-employed owner of Juanita's Linens. Her estimated annual earnings are $73,040 and she expects to pay 27% of this amount in income tax. What will be her quarterly estimated tax payment for the third quarter? (For self-employed persons, social security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.)

• A) $2,264.24
• B) $4,930.20
• C) $7,723.98
• D) $529.54

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