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Married taxpayers Otto and Ruth are both self-employed. Otto earns $352,000 of self employment income and Ruth has a self-employment

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Married taxpayers Otto and Ruth are both self-employed. Otto earns $352,000 of self employment income and Ruth has a self-employment loss of $13,500. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2020 income tax return?

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Related Book For  answer-question
Income Tax Fundamentals 2021

Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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Question Details
Chapter # 6- Accounting Periods and Other Taxes
Section: Problem
Problem: 20
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Question Posted: September 28, 2023 03:35:28
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