Eva received $66,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $12,500 in business...

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Eva received $66,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $12,500 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? (Round your final answer to the nearest whole dollar amount.) Amount of FICA taxes b. Assume that Eva is considered to be an employee. What is her regular income tax liability for the year? 2 decimal places.) Regular tax liability c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year? (Round your intermediate computations & final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year? (Round your intermediate computations and final answer to the nearest whole dollar amount.) Regular tax liability 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 The tax is: $ 9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 10% of taxable income $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,400 The tax is: $ 19,400 10% of taxable income $ 78,950 $1,940 plus 12% of the excess over $19,400 $168,400 $9,086 plus 22% of the excess over $78,950 $ 78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 $ 52,850 $ 13,850 $ 52,850 S1,385 plus 12% of the excess over $13,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $204,100 $31,322 plus 32% of the excess over $160,700 10% of taxable income $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $ 9,700 $ 39,475 $ 84,200 $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175 Eva received $66,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $12,500 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? (Round your final answer to the nearest whole dollar amount.) Amount of FICA taxes b. Assume that Eva is considered to be an employee. What is her regular income tax liability for the year? 2 decimal places.) Regular tax liability c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year? (Round your intermediate computations & final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year? (Round your intermediate computations and final answer to the nearest whole dollar amount.) Regular tax liability 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 The tax is: $ 9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 10% of taxable income $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,400 The tax is: $ 19,400 10% of taxable income $ 78,950 $1,940 plus 12% of the excess over $19,400 $168,400 $9,086 plus 22% of the excess over $78,950 $ 78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 $ 52,850 $ 13,850 $ 52,850 S1,385 plus 12% of the excess over $13,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $204,100 $31,322 plus 32% of the excess over $160,700 10% of taxable income $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $ 9,700 $ 39,475 $ 84,200 $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175

Answer rating: 100% (QA)

Answer Part a Amount of FICA Taxes 5049 66000 765 5049 Part b Regular tax liability 7695 Description ... View the full answer