Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Eva received $ 6 0 , 0 0 0 in compensation payments from JAZZ Corporation during 2 0 2 2 . Eva incurred $ 5
Eva received $ in compensation payments from JAZZ Corporation during Eva incurred
$ in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any
of these expenses. Eva is single and deducts a standard deduction of $ 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:
a Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for
the year?
b Assume that Eva is considered to be an employee. What is her regular income tax liability for the year?
c Assume that Eva is considered to be a selfemployed contractor. What are her selfemployment tax
liability and additional Medicare tax liability for the year?
d Assume that Eva is considered to be a selfemployed contractor. What is her regular tax liability for the
year?
Complete this question by entering your answers in the tabs below.
Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year?
Tax Rate Schedules
IndividualsSchedule XSingle
If taxable incomeis over: But not over: The tax is:
$ $ of taxable income
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ plus of the excess over $
Schedule YMarried Filing Jointly or Qualifying Widower
If taxable income is over: But not over: The tax is:
$ $ of taxable income
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ plus of the excess over $
Schedule ZHead of Household
If taxable incomeis over: But not over: The tax is:
$ $ of taxable income
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ plus of the excess over $
Schedule YMarried Filing Separately
If taxable income is over: But not over: The tax is:
$ $ of taxable income
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ $ plus of the excess over $
$ $ plus of the excess over $
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