Question
Henrich is a single taxpayer. In 2018, his taxable income is $453,500. What is his income tax and net investment income tax liability in each
Henrich is a single taxpayer. In 2018, his taxable income is $453,500. 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, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places. Leave no answer blank. Enter zero if applicable.)
d. Henrich has $196,750 of taxable income, which includes $50,700 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $210,000.
Income tax | |
Net investment income tax | |
Total tax liability |
2018 Tax Rate Schedules Schedule X-Single Schedule Z-Head of Household If tamble income is over But not over 9.525 $ 38,700 $ 82500 $157.500 The tar i1 If tarable income is over But not over S 13.000 51,000 $ $2,500 $157.500 The tar 12 9,525 38,700 $ 82.500 $157,500 200,000 10% of taxable income 9952.50 plus 12% of the excess over $9,525 su53.50 plus 22% of ta "c011 onr $38,700 S 14.009.50 plus 24% of the eocess over SS2.500 $32,009.50 plus 32% of the excess oner $157,500 $45.689.50 plus 35% of the greats oser S200.000 $150,609.50 plus 37% of the ence" over $500,000 $ 13,600 $ 51800 $82.500 157.500 $200,000 10% of taxable income $1,360 pdas 12% of the etoets over $13,600 $5.944 pla: 22% oe tha ancen over $51,900 5 12.696 plas 24% of the excess ovet S82.500 $30,696 plas 32% of the etce" ovet $157,500 $44,296 ph:35% of the areas over $200,000 $149,296 plus 37% of the excess over $500,000 $500,000 $500,000 Schednle Y-1-Married Filing Jointiy or Qualitying Widow(er) Scbedule Y 2 Married Filing Separately If tasable incose is over: The tax s: But not omer: $ 19.050 $ 77,400 The tax is: Ir tasable income is over: But not over: 10% of taa ble income $1,905 plus 12% of tha mass over $19.050 8.907 plus 22%ofthe escess ow S77.400 $28,179 plus 24% ofthe excess over $165,000 SS4,179 plus 32% ofthe guess o er$315,000 391.379 plus 39% ofthe excess over $400,000 $161,379 plus 37% of the excess over 0,000 $ 9.525 S38,700 S 82.500 $157,500 $200,000 10% of taxable income 9952.50 plas 12% oe the men over $9,525 $4.453.50 plus 22% of the excess over $38,700 $14,009.50 plus 24% ofthe etoets over $82,500 532,08950 plus 92% ot the emess over $157,500 $45.68950 plus 35% of the excess over $200.000 $80,689.50 plus 37% of the mess over $300,000 19,050 $ 9525 3 98.700 $82.500 157.500 5200,.000 $300,000 77.400 315,000 400,000 $600,000 $315,000 $400,000 $600.000
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