Eva received $63,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $11,000 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 deducti
Eva received $63,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $11,000 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.
Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?
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Eva received $63,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $11,000 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 deducti
Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business...
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 2019 Tax Rate Schedule for reference. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax...
Eva received $63,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $11,000 in business...
Eva received $63,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $11,000 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 $12,000. Based on these facts answer the following questions: 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...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $5,000 in business...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2018. 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 $12,000. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for...
QUESTION 12 Eva received $58,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred S5,000...
QUESTION 12 Eva received $58,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred S5,000 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 $12,000. Assume that Eva is considered to be self-employed. What is her regular income tax QUESTION 13 Trey has two dependents, his two daughters, ages 14 and 17, at year-end. Trey files a joint...
all 1 question Alice is single and self-employed in 2020. Her net business profit on her...
all 1 question
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $170,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability Rasheed works for Company A, earning $431,000 in salary during 2020. Assuming he is single and has no other...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $9,500 in...
Eva received $60,000 in compensation payments from JAZZ Corp.
during 2018. Eva incurred $9,500 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
$12,000. Based on these facts answer the following questions: Use
Tax Rate Schedule for reference.
a. Assume that Eva is considered to be an
employee. What amount of FICA taxes is she required to pay
for...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 S970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over...
Stella is a single taxpayer and operates a self-employed business that provides pet-sitting services. The business is...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
QUESTION 12 Eva received $58,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred S5,000 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 $12,000. Assume that Eva is considered to be self-employed. What is her regular income tax QUESTION 13 Trey has two dependents, his two daughters, ages 14 and 17, at year-end. Trey files a joint...
all 1 question
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $170,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability Rasheed works for Company A, earning $431,000 in salary during 2020. Assuming he is single and has no other...
Eva received $60,000 in compensation payments from JAZZ Corp.
during 2018. Eva incurred $9,500 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
$12,000. Based on these facts answer the following questions: Use
Tax Rate Schedule for reference.
a. Assume that Eva is considered to be an
employee. What amount of FICA taxes is she required to pay
for...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 S970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
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