Question

Compute Lenny's estimated tax payment for the third quarter. He is self-employed and he expects to earn $40,800.00 this year. His estimated income tax rate is 19%.

Answer 1

Answer:

Lenny's tax payment for the year will be $7,752

(The third quarter payment would be $1,938)

Step-by-step explanation:

Hello, great question. These types are questions are the beginning steps for learning more advanced Problems.

Taxes are calculated once a year based on your yearly income. That being said we can look at Lenny's income for the year ($40,800) and multiply that by 0.19 (19%) to calculate his tax payment  for the year.

$40,800 * 0.19 = 7,752$

So Lenny's tax payment for the year will be $7,752 . The question asks for payment for the third quarter but as mentioned above tax is calculated yearly.

That being said if you would like to know how much it would be quarterly we can simply divide the tax payment by 4.

$7,752 / 4 = 1,938$

So the third quarter payment would be $1,938

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