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Henrich is a single taxpayer. In 2022, his taxable income is $480,000. What are his income tax and net investment income tax liability in each
Henrich is a single taxpayer. In 2022, his taxable income is $480,000. 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 the salary from his employer. Assume his modified AGI is $520,000.
- His $480,000 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 $480,000 of taxable income includes $55,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000.
- Henrich has $195,000 of taxable income, which includes $50,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $210,000.
What is his Income Tax, Net Investment Tax, and Total tax liability for each?
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