Henrich is a single taxpayer In 2022, his taxable income is $485,500 What are 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 Note Do not round intermediate calculations Leave no answer blank Enter zero if applicable Round your final answers to 2 decimal places Required All of his income is salary from his employer Assume his modified AGI is $520,000 His $485,500 of taxable income includes $2,000 of long term capital gain that is taxed at preferential rates Assume his modified AGI is $520,000 His $485,500 of taxable income includes $50,000 of long term capital gain that is taxed at preferential rates Assume his modified AGI is $520,000 Henrich has $197,750 of taxable income, which includes $51,100 of long term capital gain that is taxed at preferential rates Assume his modified AGI is $215,500 2022 Tax Rate Schedules Individuals Schedule X Single Crhadula V 1 Marriad Filino Inintly nr Oualifvina Widnwar) Tax Rates for Net Capital Gains and Qualified Dividends This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 16, 2024

Henrich is a single taxpayer. In 2022, his taxable income is $485,500. What are his income tax and net investment income tax liability in each

Henrich is a single taxpayer. In 2022, his taxable income is $485,500. What are 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.

Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places.

Required:

All of his income is salary from his employer. Assume his modified AGI is $520,000.
His $485,500 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000.
His $485,500 of taxable income includes $50,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000.
Henrich has $197,750 of taxable income, which includes $51,100 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $215,500.

2022 Tax Rate Schedules Individuals Schedule X-Single Crhadula V_1_Marriad Filino Inintly nr Oualifvina Widnwar) Tax Rates for Net Capital Gains and Qualified Dividends *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)