Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information (The following information applies to the questions displayed below.) Eva received $62,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $10,500
Required information (The following information applies to the questions displayed below.) Eva received $62,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $10,500 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 $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. 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 7,277 1,379 X
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