Eva received $71,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $15,000 in business expenses relating to her work for JAZZ Corp.

Eva received $71,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $15,000 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 the year?

Amount of FICA Taxes

Expert Solution

a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year?

= $71,000 * 7.65%

= $5,431.5.

Explanation:

Eva salary is below the social security wage base limit for 2018. So, she pays FICA taxes of 7.65% on her $71,000.

ekkarill92 answered 3 years ago

Eva received $73,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $16,000 in business...

Eva received $73,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $16,000 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: 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? Assume that Eva...

Eva received $54,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $6,500 in business...

Eva received $54,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $6,500 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...

1. Eva received $58,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $8,500 in...

1. Eva received $58,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $8,500 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...

Eva received $62,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business...

Eva received $62,000 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 A-Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? B- Assume that Eva is considered to be an employee. What is her...

Eva received $61,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $10,000 in business...

Eva received $61,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $10,000 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 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...

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 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...

Eva received $57,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $8,000 in business...

Eva received $57,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $8,000 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. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.) Problem 8-68 Part a (Algo) a. Assume that Eva is considered to be...

Casey turned age 65 May 29, 2018. During the year, she received distributions from her HSA...

Casey turned age 65 May 29, 2018. During the year, she received distributions from her HSA account totaling $728.96. She paid 369.09 for electrolytes om March 3. She paid $44.87 to her ENT doctor on June 4 and $315. to her chiropractorin July and August. The penalty on Casey's non-qualified distributions is what?

Evelyn is single and a self-employed engineer. During 2018,Evelyn’s in-come from her engineering business is...

Evelyn is single and a self-employed engineer. During 2018, Evelyn’s in-come from her engineering business is $55,000. Evelyn pays $3,100 for her Medi-Cal insurance policy.a. How should the medical insurance policy payment be reflected on Evelyn’s 2018 return?b. What is Evelyn’s 2018 self-employment tax deduction?

Question