Comprehensive Problem 12-51 (LO 12-1, LO 12-2, LO 12-3) (Algo) Santini's new contract for 2022 indicates the following compensation and benefits: Santini is 54 years old at the end of 2022. He is single and has no dependents. Assume that the employer matches $1 for $1 for the first $6,000 that the employee contributes to his 401(k) during the year. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31, 2022, and that the market price on that date is $37.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawaii trip was given to him as the outstanding salesperson for 2021. The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santini's taxable income and income tax liability for 2022. Use and Note: Round your answers to the nearest whole dollar amount. EXHIBIT 12-8 Uniform Premiums for \$1,000 of Group-Term Life Insurance Protection \begin{tabular}{|c|c|} \hline 5-Year Age Bracket & Costper$1,000ofProtectionforOneMonth \\ \hline Under 25 & $0.05 \\ \hline 25 to 29 & .06 \\ \hline 30 to 34 & .08 \\ \hline 35 to 39 & .09 \\ \hline 40 to 44 & .10 \\ \hline 45 to 49 & .15 \\ \hline 50 to 54 & .23 \\ \hline 55 to 59 & .43 \\ \hline 60 to 64 & .66 \\ \hline 65 to 69 & 1.27 \\ \hline 70 and above & 2.06 \\ \hline \end{tabular} Source: Reg. \$1.79-3(d)(2) and also published in IRS Publication 15-B. 2022 Tax Rate Schedules Individuals Schedule X-Single \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$0 & $10,275 & 10% of taxable income \\ \hline$10,275 & $41,775 & $1,027.50 plus 12% of the excess over $10,275 \\ \hline$41,775 & $89,075 & $4,807.50 plus 22% of the excess over $41,775 \\ \hline$89,075 & $170,050 & $15,213.50 plus 24% of the excess over $89,075 \\ \hline$170,050 & $215,950 & $34,647.50 plus 32% of the excess over $170,050 \\ \hline$215,950 & $539,900 & $49,335.50 plus 35% of the excess over $215,950 \\ \hline$539,900 & - & $162,718 plus 37% of the excess over $539,900 \\ \hline \end{tabular} Comprehensive Problem 12-51 (LO 12-1, LO 12-2, LO 12-3) (Algo) Santini's new contract for 2022 indicates the following compensation and benefits: Santini is 54 years old at the end of 2022. He is single and has no dependents. Assume that the employer matches $1 for $1 for the first $6,000 that the employee contributes to his 401(k) during the year. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31, 2022, and that the market price on that date is $37.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawaii trip was given to him as the outstanding salesperson for 2021. The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santini's taxable income and income tax liability for 2022. Use and Note: Round your answers to the nearest whole dollar amount. EXHIBIT 12-8 Uniform Premiums for \$1,000 of Group-Term Life Insurance Protection \begin{tabular}{|c|c|} \hline 5-Year Age Bracket & Costper$1,000ofProtectionforOneMonth \\ \hline Under 25 & $0.05 \\ \hline 25 to 29 & .06 \\ \hline 30 to 34 & .08 \\ \hline 35 to 39 & .09 \\ \hline 40 to 44 & .10 \\ \hline 45 to 49 & .15 \\ \hline 50 to 54 & .23 \\ \hline 55 to 59 & .43 \\ \hline 60 to 64 & .66 \\ \hline 65 to 69 & 1.27 \\ \hline 70 and above & 2.06 \\ \hline \end{tabular} Source: Reg. \$1.79-3(d)(2) and also published in IRS Publication 15-B. 2022 Tax Rate Schedules Individuals Schedule X-Single \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$0 & $10,275 & 10% of taxable income \\ \hline$10,275 & $41,775 & $1,027.50 plus 12% of the excess over $10,275 \\ \hline$41,775 & $89,075 & $4,807.50 plus 22% of the excess over $41,775 \\ \hline$89,075 & $170,050 & $15,213.50 plus 24% of the excess over $89,075 \\ \hline$170,050 & $215,950 & $34,647.50 plus 32% of the excess over $170,050 \\ \hline$215,950 & $539,900 & $49,335.50 plus 35% of the excess over $215,950 \\ \hline$539,900 & - & $162,718 plus 37% of the excess over $539,900 \\ \hline \end{tabular}