Answered step by step
Verified Expert Solution
Question
1 Approved Answer
9 Part 4 of 4 Part 4 of 4 Required information Problem 8-68 (LO 8-3) (Algo) [The following information applies to the questions displayed below.)
9 Part 4 of 4 Part 4 of 4 Required information Problem 8-68 (LO 8-3) (Algo) [The following information applies to the questions displayed below.) 5 points Eva received $67,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $13,000 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 $12,400. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Leave no answer blank. Enter zero if applicable.) eBook Print References Problem 8-68 Part d (Algo) 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 $ 7,630 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $ 163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started