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Required information CARES Problem 8-68 (LO 8-3) (Algo) [The following information applies to the questions displayed below.) Eva received $56,000 in compensation payments from JAZZ
Required information CARES Problem 8-68 (LO 8-3) (Algo) [The following information applies to the questions displayed below.) Eva received $56,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $7,500 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.) CARES Problem 8-68 Part a (Algo) a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? (Round your final answer to the nearest whole dollar amount.) Amount of FICA taxes b. Assume that Eva is considered to be an employee. What is her regular income tax liability for the year? Regular tax liability c. Assume that Eva is considered to be a self-employed contractor. What is her self- employment tax liability and additional Medicare tax liability for the year? (Round your intermediate computations & final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability
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