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kondaur [170]
2 years ago
11

Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $435,200 of self-employment income an

d Ruth has a self-employment loss of $23,100. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2020 income tax return?
Business
1 answer:
Alina [70]2 years ago
4 0

Answer: $1,458.90

Explanation:

As they are filing together, the first step would be to find out the taxable income after accounting for Ruth's loss.

Total taxable income = Otto's earnings - Ruth's loss

= 435,200 - 23,100

= $412,100

There is an additional 0.9% Medicare tax on the amount that people file that is above $250,000 when they file jointly and are married..

The additional Medicare will be:

= (412,100 - 250,000) * 0.9%

= $1,458.90

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Answer:

Both types of inflation cause an increase in the overall price level within an economy. Demand-pull inflation occurs when aggregate demand for goods and services in an economy rises more rapidly than an economy's productive capacity.

Explanation:

8 0
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Taylor Company had a salaries payable balance of $18,000 on December 31, 2014. During 2015, it paid $50,000 in cash as salaries,
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Answer:

$18,000

Explanation:

Given data  for Taylor Company;

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8 0
2 years ago
All of the following are anticipated effects of a proposed project. Which of these should be considered when computing the cash
Evgesh-ka [11]

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3 0
2 years ago
Lakatos Corporation uses an activity-based costing system with three activity cost pools. The company has provided the following
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