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3 years ago

For 2020, Ms. Deming earned wages totaling $225,000.

Business

1 answer:

qaws [65]3 years ago

3 0

Answer:

Additional Medicare is charged on the wages that are higher than $200,000.

1. Medicare owed assuming Ms. Deming is single:

= (225,000 - 200,000) * 0.9%

= 25,000 * 0.9%

= $225

2. Medicare owed assuming Ms. Deming files a joint return with her husband.

When filed together, their wages would be considered jointly.

= ( (100,000 + 225,000) - 200,000) * 0.9%

= 125,000 * 0.9%

= $1,125

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Less: Purchases (From Inventory)........................................................$8184

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