The NIIT and additional Medicare tax that George and Aimee owe for the current year will be $866.40 and $622.80 respectively.
Net Investment Income Tax [NIIT] will be calculated as:
= 3.8% × Interest and Dividend Income
= 3.8% × $22800
= 0.038 × $22800
= $866.40
Income of George and Aimee will be:
= $228000 + $91200
= $319200
Additional Medicare tax will be:
= 0.9% × ($319200 - $250000)
= 0.9% × $69200
= 0.009 × $69200
= $622.80
Note that for the married couples that file jointly, an additional Medicare tax is made when there is an excess of $250,000.
In conclusion, the NIIT and additional Medicare tax will be $866.40 and $622.80 respectively.
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