Rens is self-employed. Based on last year, his projected state and federal taxes for this year will be approximately $17,100. Determine how much Rens should put aside each month in order to have enough to pay his estimated quarterly taxes.
First, we need to determine how much Rens will owe each quarter for estimated taxes. Since he owes $17,100 for the year, he will owe approximately $4,275 each quarter.
To calculate how much Rens should put aside each month, we need to divide $4,275 by 3 (the number of months in each quarter). This gives us $1,425 per month.
Therefore, Rens should put aside $1,425 each month in order to have enough to pay his estimated quarterly taxes.