I may be working for a bad carrier?

You are forgetting self employment tax

85600*15.3%=13,096.80 due in quarterly installments to avoid penalties.

 

Making 96k on a w2 is good money. 96k on 1099 (even though it is not actually a 1099 job but just pretend it was not illegal) is barely Swift wages.

 

$13,096.80 x 4 quarterly installments =$52.387.20 a year to pay towards those taxes.
$96,000-$52,387.20=$43,612.80 left over.

 

It is $13000 ÷ 4 quarterly payments.

 

Negative,if he’s paying $13,000 quarterly then he’s paying it 4 times a year (every 3 months). You have to multiply that money by those 4 quarterly periods, not divide it, unless you want to break that down to 12 monthly installments.

 

Somebody need to go back to their math class

 

Says the person who initially said they were a company driver, then admitted it was on a 1099..

 

The yearly total would be 13k+for self employment (what is FICA for an emplyee) so roughly $3500 quarterly. The way I worded it was confusing.

 

To calculate quarterly tax payments for each quarter, simply adds together income tax and her self-employment tax for the year and divides this number by four.
not multiple, Common Core math.