To make Hibiscus Simple Syrup, mix sugar, hibiscus flowers and water in 2-quart saucepan. Heat just to boiling over medium-high heat, stirring until sugar is dissolved. Remove from heat; let stand 30 minutes. Strain mixture; discard solids. Transfer to storage container. Cover and refrigerate up to 3 days. Makes 1 1/3 cups.
To make margarita, add 1 oz of the simple syrup, the tequila, orange-flavored liqueur and lime juice to cocktail shaker. Fill shaker with ice; cover and shake vigorously. Strain into cocktail glass filled with fresh ice. Garnish with lime wedges.