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Problem 6-20 (Algorithmic) Computing the 0.9 Percent Medicare Tax for High-Income Taxpayers (LO 6.8) Married taxpayers Otto and Ruth are both self-employed and file a
Problem 6-20 (Algorithmic) Computing the 0.9 Percent Medicare Tax for High-Income Taxpayers (LO 6.8) Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $466,400 of self-employment income and Ruth has a self-employment loss of $58,300. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2020 income tax return? If required, round your final answer to nearest dollar
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