Question
Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ
Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. 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 $12,400. Assume CARES Act applies. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.)
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.)
The answer I inputted was 4,448 but its saying its wrong.
Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400Step by Step Solution
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