Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check 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.

image text in transcribed
image text in transcribed
Check 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.) Regulaty 2019 Tax Rate Schedules Individuals Schedule X-Single The tax is: If taxable income is over: But not over: $ 0 $ 9,700 $ 9,700 $ 39,475 $ 39,475 $ 84,200 $ 84,200 $160,725 $160,725 $204,100 $204,100 $510,300 $510,300 10% of taxable income $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 $32,748.50 plus 32% of the excess over $160,725 $46,628 50 plus 35% of the excess over $204,100 $153,798.50 plus 37% of the excess over $510,300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Accounting

Authors: Shirine Rathore

2nd Edition

8120336739, 9788120336735

More Books

Students also viewed these Accounting questions