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Sliva [168]
3 years ago
11

Jill Green has w-2 wages of $165,000. Her employer withheld medicare taxes at 1.45% of her W-2 amount. Her husband, Bill Green,

has w-2 wages of $97,000. His employer withheld medicare taxes at 1.45% of his W-2 wages. They file a joint tax return.
Determine what amount, if any, is the additional high wage surtax that will be computed on their tax filing.
Business
1 answer:
Xelga [282]3 years ago
3 0

Answer:

Jill Green and Bill Green

The additional high wage surtax for the joint filers is

$108.

Explanation:

Medicare tax rate = 1.45%

Surtax rate = 0.9%

Jill Green's w-2 wages =   $165,000

Bill Green's w-2 wages =      97,000

W-2 wages for couple =  $262,000

Threshold for joint filers = 250,000

Excess w-2 wages =          $12,000

Additional high wage surtax = $12,000 * 0.9% = $108

b) Jill and Bill Green, who are filing jointly, are expected to pay an additional Medicare tax of 0.9% on their W-2 income in excess of $250,000.  The Additional Medicare Tax (AMT) on Wages is imposed on employees only.  Employers match the regular Medicare tax of 1.45%.  Medicare wages are reported on Form W-2 and are usually based on an employee's total wages for the year less certain benefit deductions, such as medical and dental insurance premiums, health savings accounts, and contributions to dependent care flexible spending arrangements.

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Consider a city of 200 people (100 rich and 100 poor) and two neighborhoods (100 people in each). Both groups generally prefer t
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2 years ago
The Chart Company has a process costing system. All materials are added when the process is first begun. At the beginning of Sep
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c) 48,000

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<em>Equivalent Units</em>

To apportion cost between work in progress and completed units in a particular period, we use equivalent units. Equivalents units  are notional whole units which represent incomplete work and are used to apportion cost between completed units and work in progress

<em>Equivalent Units = Degree of Completion × Units of products</em>

<em />

<em>Item                                        units          workings                 E.U</em>

Finished products          45,000        100% × 45,000 =     45,000

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6 0
3 years ago
The bond has a 12% annual coupon rate, a $1,000 par value, it matures in 15 years and pays coupon quarterly. The current bond pr
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Answer:

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