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22 January, 08:36

Peter and Joan are married and Joan has self-employment income of $240,000. Peter is retired. How much additional 0.9% Medicare tax will Peter and Joan owe with their 2019 income tax return? a. $0 b. $2,160 c. $360 d. They will receive a $90 refund

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  1. 22 January, 08:48
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    B) 216,000

    Explanation:

    Effective Tax Rate = Total Tax Expenses/Taxable Income

    That is, Effective Tax Rate = 0.9*240,000 = 216000
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