Karen is single and earns wages of $250,000 in 2018. She has no other income. How...

Question

Question

Karen is single and earns wages of $250,000 in 2018. She has no other income. How much is her 0.9 percent Medicare tax on earned income?

Answer 1

Answer #1

0.9 percent Medicare tax is payable for wages above $200000

0.9 percent Medicare tax = (250000-200000)*0.9% = $450

0.9 percent Medicare tax = $450

Add a comment

Answer 2

Similar Homework Help Questions

61. Melody and Todd are married and have employee wages of $250,000 each in 2018. They...

61. Melody and Todd are married and have employee wages of $250,000 each in 2018. They have no other income. How much additional 0.9% Medicare tax will Melody and Todd have to pay or receive as a refund when they file their 2018 income tax return? a. $1,350 will be due with their return in addition to amounts withheld. b. $1,350 will be refunded with their return. c. $900 will be refunded with their return. d. $3,600 will be due...
Melody and Todd are married and have employee wages of $250,000 each in 2019. They have...

Melody and Todd are married and have employee wages of $250,000 each in 2019. They have no other income. How much additional 0.9% Medicare tax will Melody and Todd have to pay or receive as a refund when they file their 2019 income tax return? a. $900 will be refunded with their return. b. $3,600 will be due with their return in addition to amounts withheld. c. $1,350 will be due with their return in addition to amounts withheld. d....
if susie earns $725,000 in taxable income, how much tax will she pay as a single...

if susie earns $725,000 in taxable income, how much tax will she pay as a single taxpayer for year 2018? (use tax rate schedule). (a) $207,629.00 (b) $268,250.00 (c) $233,939.5 (d) $237,939.50 (e) none of the choices are correct

In 2018, Lew, who is single, earned wages of $386,724. a. What is the amount of...

In 2018, Lew, who is single, earned wages of $386,724. a. What is the amount of Social Security tax withheld from his salary? b. What is the amount of Medicare tax (including additional 0.9% tax if any) withheld from his salary?
Quantitative Problem: Jenna is a single taxpayer. During 2018, she earned wages of $123,000. She doesn't...

Quantitative Problem: Jenna is a single taxpayer. During 2018, she earned wages of $123,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $7,000. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent. Quantitative Problem: Andrews Corporation has income...
If Susie earns $575,000 in taxable income, how much tax will she pay as a single...

If Susie earns $575,000 in taxable income, how much tax will she pay as a single taxpayer for 2019? (Use tax rate schedule) $177,738 $212,750 $182,439 None of the choices are correct $150,890

If Susie earns $275,000 in taxable income, how much tax will she pay as a single...

If Susie earns $275,000 in taxable income, how much tax will she pay as a single taxpayer for 2019? (Use tax rate schedule) Multiple Choice None of the choices are correct $71.444 $44.596 $106.456
If Susie earns $275,000 in taxable income, how much tax will she pay as a single...

If Susie earns $275,000 in taxable income, how much tax will she pay as a single taxpayer for 2019? (Use tax rate schedule) Multiple Choice None of the choices are correct $71.444 $44,596 $106,456
Q1) Jenna is a single taxpayer. During 2018, she earned wages of $108,000. She doesn't itemize...

Q1) Jenna is a single taxpayer. During 2018, she earned wages of $108,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $4,700. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent federal taxes) is taxed as ordinary income,...

Single Taxpayer: Employee Employer Gross Wages 250,000 Federal income tax (W-4) State income...

Single Taxpayer: Employee Employer Gross Wages 250,000 Federal income tax (W-4) State income tax (M-4) Social Security tax Medicare tax Additional medicare tax Other EE deductions Health insurance for example (50% EE/50% ER) Net pay FUTA @ .6% SUTA @ 5.4% Total payroll tax expense It is very important for all individuals and especially, accounting professionals/CPAs to understand how payroll works. Use the attached Excel file to complete these payroll tax calculations - proper Excel utilization is required. Assume the...