Problema Solution
Paul Warren is a self-employed mechanic. Last year he had total gross earning of $44,260. What are Paul's quarterly social security payments due to the IRS?
Answer provided by our tutors
there really is insufficient information to answer this question because it depends on the laws in force during the given tax year
as a general rule, Paul should send in 20-25% of his income over 4 quarterly payments in order to pay his taxes correctly, but that includes social security and income tax pooled together