Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Calculate regulate tax liability for self-employed contractor? I've tried everything I can think of and keep getting the wrong answer!!! Thank you!! **2019 Tax Year
Calculate regulate tax liability for self-employed contractor?
I've tried everything I can think of and keep getting the wrong answer!!!
Thank you!!
**2019 Tax Year
Required information Problem 8-68 (LO 8-3) [The following information applies to the questions displayed below.) Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 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 $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. Problem 8-68 Part d 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 The tax is: If taxable income But not over: is over: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9.700 $ 39,475 $ 54,200 $4,543 plus 22% of the excess over $39.475 S $4,200 $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 S204,100 $510,300 $46.628.50 plus 35% of the excess over S204.100 $510,300 $153,798.50 plus 37% of the excess over S510.300 Required information Problem 8-68 (LO 8-3) [The following information applies to the questions displayed below.) Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 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 $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. Problem 8-68 Part d 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 The tax is: If taxable income But not over: is over: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9.700 $ 39,475 $ 54,200 $4,543 plus 22% of the excess over $39.475 S $4,200 $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 S204,100 $510,300 $46.628.50 plus 35% of the excess over S204.100 $510,300 $153,798.50 plus 37% of the excess over S510.300Step 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