Mr. Erwins marginal tax rate on ordinary income is 39.6 percent. His $958,000 AGI included a $24,900
Question:
a. Compute Mr. Erwin’s income tax on the $62,500 investment income from these two sources.
b. Compute Mr. Erwin’s Medicare contribution tax if the $62,500 is his net investment income for the year. What is Mr. Erwin’s marginal tax rate on long-term capital gain and on passive activity income?
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Related Book For
Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
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