Self-Study Problem 9.2 Ray Adams (Social Security number 466-47-1131) estimates his required annual payment for 2017 to be $7,560. He has a $510 overpayment of last years taxes that he wishes to apply to the first quarter estimated tax payment for 2017. His address is 123 East Main Street, Dillon, North Carolina, 34678. Compute the amount of Ray\'s required quarterly payments. Complete the first quarter voucher below for Ray for 2017 Form 1040-ES Department of the Treasury 2017 Estimated Tax Payment Voucher 1 OMB No. 1545-0074 Internal Revenue Service Calendar year-Due April 18, 2017 File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to \"United States Treasury. Write yourAmount of estimated tax you are paying social security number and \"2017 Form 1404-ES\" on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher Dollars Cents money order Your last name Adams Your social security number 466-47-1131 Your first name and initial Ray If joint payment complete for spouse Spouse\'s first name and initial Spouse\'s last name Spouse\'s social security number Address (number, street, and apt. no.) | 123 East Main Street
Required quarterly payments (7560 /4) = $1890.00
First and other quarterly payments
Particulars
Amount ($)
Expected annual payment of Ray Adams
7,560.00
Quarterly expected payment (7560/4)
1,890.00
Less: Overpayment of last year\'s taxes
510.00
First quarterly payment
1,380.00
Second quarterly payment (7560/4)
1,890.00
Third quarterly payment (7560/4)
1,890.00
Fourth quarterly payment (7560/4)
1,890.00
Thus, the first quarterly payment for Ray Adams requires to make for 2017 is $1,380.
| Particulars | Amount ($) |
| Expected annual payment of Ray Adams | 7,560.00 |
| |
| Quarterly expected payment (7560/4) | 1,890.00 |
| Less: Overpayment of last year\'s taxes | 510.00 |
| First quarterly payment | 1,380.00 |
| |
| Second quarterly payment (7560/4) | 1,890.00 |
| |
| Third quarterly payment (7560/4) | 1,890.00 |
| |
| Fourth quarterly payment (7560/4) | 1,890.00 |
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