Chapter 8 Homework 26 1 1 Part 1 of 4 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 TO o. All of his income is salary from his employer ht Net Dax Totax $ 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 $ 9,875 10% of taxable income $ 9.875 $ 40.125 $987.50 plus 12% of the excess over $9.875 $ 40,125 S 85.525 $4.61750 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 $207,350 $33.27 1150 plus 32% of the excess over $163,300 $207.350 $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: IS 0 $ 19.750 10% of taxable income S 19.750 S 80,250 $1.975 plus 12% of the excess over $19.750 S80250 $171.050 $9.235 plus 22% of the excess over $80.250 $121.050 $326.600 $29.21. plus 2.4% of the excess over S171,050 $326,600 $414,700 66.543 plus 32% of the excess over $326.600 $414.700 $622,050 S94.735 plus 35% of the excess over $414.700 $622,050 $1674307.50 plus 3.7% of the excess over $622,050 Schedule Z Head of Household If taxable income is over:But not over: The tax is: S 0 $ 14.100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14.100 $ 53.700 S 85,500 S6,162 plus 22% of the excess over $53.700 S 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 $518,400 S45.926 plus 35% of the excess over $207 350 $518,400 $154.793.50 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 Trusts and Estates Rate Separately 09. SO - $80,000 SO - $40.000 S0 - 40,000 SO-S53,600 $0 $2,650 15% $80,001 - 5496,600 S40,001 - $248,300 $40,001 - $441,450 553,601 - $469,050 $2,651 - $13,150 2000 S496,601+ S248,301+ $441,451+ $469,051+ $13,151+ *This Yate applies to the ner capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and
