Question: This is the entire problem. No additional information provided. Iva received $80,000 in compensation payments from MIC Corporation during 2022. IVA incurred $14,500 in business
This is the entire problem. No additional information provided.
Iva received $80,000 in compensation payments from MIC Corporation during 2022. IVA incurred $14,500 in business expenses relating to her work for MIC Corporation MIC did not reimburse Iva for any of these expenses. iva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference.
Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount.
Required:
2022 Tax Rate Schedules
IndividualsSchedule X-Single
If taxable income is over:
But not over:
The tax is:
$ 0
$ 10,275
10% of taxable income
$ 10,275
$ 41,775
$1,027.50 plus 12% of the excess over $10,275
$ 41,775
$ 89,075
$4,807.50 plus 22% of the excess over $41,775
$ 89,075
$ 170,050
$15,213.50 plus 24% of the excess over $89,075
$ 170,050
$ 215,950
$34,647.50 plus 32% of the excess over $170,050
$ 215,950
$ 539,900
$49,335.50 plus 35% of the excess over $215,950
$ 539,900
$162,718 plus 37% of the excess over $539,900
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over:
But not over:
The tax is:
$ 0
$ 20,550
10% of taxable income
$ 20,550
$ 83,550
$2,055 plus 12% of the excess over $20,550
$ 83,550
$ 178,150
$9,615 plus 22% of the excess over $83,550
$ 178,150
$ 340,100
$30,427 plus 24% of the excess over $178,150
$ 340,100
$ 431,900
$69,295 plus 32% of the excess over $340,100
$ 431,900
$ 647,850
$98,671 plus 35% of the excess over $431,900
$ 647,850
$174,253.50 plus 37% of the excess over $647,850
Schedule Z-Head of Household
If taxable income is over:
But not over:
The tax is:
$ 0
$ 14,650
10% of taxable income
$ 14,650
$ 55,900
$1,465 plus 12% of the excess over $14,650
$ 55,900
$ 89,050
$6,415 plus 22% of the excess over $55,900
$ 89,050
$ 170,050
$13,708 plus 24% of the excess over $89,050
$ 170,050
$ 215,950
$33,148 plus 32% of the excess over $170,050
$ 215,950
$ 539,900
$47,836 plus 35% of the excess over $215,950
$ 539,900
$161,218.50 plus 37% of the excess over $539,900
Schedule Y-2-Married Filing Separately
If taxable income is over:
But not over:
The tax is:
$ 0
$ 10,275
10% of taxable income
$ 10,275
$ 41,775
$1,027.50 plus 12% of the excess over $10,275
$ 41,775
$ 89,075
$4,807.50 plus 22% of the excess over $41,775
$ 89,075
$ 170,050
$15,213.50 plus 24% of the excess over $89,075
$ 170,050
$ 215,950
$34,647.50 plus 32% of the excess over $170,050
$ 215,950
$ 323,925
$49,335.50 plus 35% of the excess over $215,950
$ 323,925
$87,126.75 plus 37% of the excess over $323,925
1)Assume that Iva is considered to be a self-employed contractor. What is her regular tax liability for the year?
Answer is not: $17,745; $10,259; $4,529; $6163.25; $9254.85525
Previous question asked for self employment tax liability which is correctly answered at $9,255. please show your work, I've redone the calculations
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