Question: Exercise 12-25 (Algorithmic) (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario,

Exercise 12-25 (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, earns wages of $369,200. His additional Medicare tax is $fill in the blank 1.

b. George and Shirley are married and file a joint return. During the year, George earns wages of $229,900, and Shirley earns wages of $344,850. Their additional Medicare tax is $fill in the blank 2.

c. Simon has net investment income of $46,240 and MAGI of $231,200 and files as a single taxpayer. Simon's additional Medicare tax is $fill in the blank 3.

Please answer all three questions

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!