Problem 8-68 (LO 8-3) (Algo) [The following information applies to the questions displayed below.] Eva received $64,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $6,500 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 $12,550. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference.(Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount.)d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year? 2021 Tax Rate SchedulesIndividualsSchedule X-SingleIf taxable income is over:But not over:The tax is:$ 9,950$ 40,525$ 86,375$ 164,925 $14,751 plus 24% of the excess over $86,375$ 209,425 $33,603 plus 32% of the excess over $164,925$ 523,600$10% of taxable income$ 9,950$ 40,525$ 86,375$ 164,925$ 209,425$ 523,600$995 plus 12% of the excess over $9,950$4,664 plus 22% of the excess over $40,525$47,843 plus 35% of the excess over $209,425$157,804.25 plus 37% of the excess over $523,600Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over:But not over:The tax is:$ 19,900$ 81,050$ 172,750 $9,328 plus 22% of the excess over $81,050$ 329,850 $29,502 plus 24% of the excess over $172,750$ 418,850 $67,206 plus 32% of the excess over $329,850$ 628,300 |$95,686 plus 35% of the excess over $418,850$10% of taxable income$ 19,900$ 81,050$ 172,750$ 329,850$ 418,850$ 628,300$1,990 plus 12% of the excess over $19,900$168,993.50 plus 37% of the excess over $628,300Schedule Z-Head of HouseholdIf taxable income is over:But not over:The tax is:$ 14,200$ 54,200$ 86,350$ 164,900 $13,293 plus 24% of the excess over $86,350$ 209,400 $32,145 plus 32% of the excess over $164,900$ 523,600 |$46,385 plus 35% of the excess over $209,400$10% of taxable income$ 14,200$ 54,200$ 86,350$ 164,900$ 209,400$ 523,600$1,420 plus 12% of the excess over $14,200$6,220 plus 22% of the excess over $54,200$156,355 plus 37% of the excess over $523,600

Taxable Income = Salary - Standard Deduction

Answered: Eva received $64,000 in compensation…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 10E: Multiple Temporary Differences Vickers Company reports taxable income of 4,500 for 2019. Vickers has...

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Problem 8-68 (LO 8-3) (Algo)

[The following information applies to the questions displayed below.]

Eva received $64,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $6,500 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 $12,550. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference.(Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount.)

d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?