Question: Exercise 12-19 (Algorithmic) (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario,
Exercise 12-19 (Algorithmic) (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, eams wages of $523,200. His additional Medicare tax is s 183,400 x b. George and Shirley are married and file a joint return. During the year, George earns wages of $248,500, and Shirley earns wages of $372,750. Their additional Medicare tax is $ 1,690 x c. Simon has net investment income of $52,680 and MAGI of $263,400 and files as a single taxpayer. Simon's additional Medicare tax is 96 X. Feedback Check My Work Two additional Medicare taxes are assessed on high-income individuals a tax on wages and a tax on unearned income, G
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
