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Problem 6-20 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
Problem 6-20
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 $414,400 of self-employment income and Ruth has a self-employment loss of $38,300. How much 0.9 percent Medicare tax for high income taxpayers will Otto and Ruth have to pay with their 2019 income tax return? If required, round your final answer to nearest dollarStep by Step Solution
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