Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. 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 $12,400. Based on these facts, answer the following questions:  Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.)   a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. 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 $12,400. Based on these facts, answer the following questions:  Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.)

 

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

 

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