How much medicare surtax for high income taxpayers

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Q1 - Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $350,000 of self-employment income and Ruth has a self-employment loss of $10,000. How much Medicare surtax for high income taxpayers will Otto and Ruth have to pay with their 2014 income tax return?

Q2 - Jan has two jobs during 2014. One employer withheld and paid FICA taxes on $70,000 of Jan's salary, and the other employer withheld and paid FICA taxes on $47,700 in salary paid to Jan.

Calculate the amount of Jan's overpayment of FICA taxes that she should claim on her 2014 Form 1040. Do not round your intermediate computations. Round your final answer to two decimal places.

Reference no: EM132034739

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