Chapter 8 Homework 2 2 1 Part 20 Required information [The following information applies to the questions displayed below.) Henrich is a single taxpayer. In 2020, his taxable income is $451,500. What is his income tax and net investment Income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) 5 points b. His $451,500 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential Tales. Income Nation income tax Total taxabil 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 S 9.875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9.875 S 40.125 $ 85.525 $4,617.50 plus 22% of the excess over $40,125 S 85,525 $163.300 $14,605.50 plus 24% of the excess over $85,525 $163,300 S207.350 $33,271.50 plus 32% of the excess over $163,300 S207.350 $518.400 $47.367.50 plus 35% of the excess over $207,350 $518,400 $156 235 plus 37% of the excess over $518,400 Schedule Y 1 Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 S 19.750 10% of taxable income $ 19.750 S 80,250 $1.975 plus 12% of the excess over $19.750 S 80,250 S171,050||$9.235 plus 22% of the excess over $80.250 $171.050 S326,600 $29.211 plus 24% of the excess over $171.050 $326,600 $414.700 $66.543 plus 32% of the excess over $326.600 5414,700 $622,050 $94.735 plus 35% of the excess over $414700 $622,050 $167.307..50 plus 37% of the excess over $622,050, Schedule Z Head of Household If taxable income is over: But not overs The tax is: S 0 $ 14,100 10% of taxable income S 14.100 $ 53,700 51.410 plus 12% of the excess over SIA.100 $ 53,700 S 85.500 $6,162 plus 22% of the excess over $53.700 S 85,500 S163.300 $13.058 plus 24% of the excess over $85.500 $163.300 S2074350 $31.830 plus 32% of the excess over $163.300 $207.350 S518.400 $45.926 plus 35% of the excess over $207350 $518,400 S154.793.50 plus 37% of the excess over $518.400 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Married Filing Married Filing Jointly Single Head of Household Rate Trusts and Estates Separately 096 SO - $80.000 $0-$40,000 SO - $40.000 SO-553.600 50 - 52.650 15% $80,001 - $496,600 $40,001 - 5248,300 540,001 - $441,450 $53,601 - $469,050 52.651 - 513,150 20% $496,601 $248,101 $441451 $469.051 $13,151 *This rare applies to the net capital gains and qualified dividends that foll within the range of taxable income specified in erable et capital gains
