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Henrich is a single taxpayer. In 2022, his taxable income is $482,000. What are his income tax and net investment income tax liability in each
Henrich is a single taxpayer. In 2022, his taxable income is $482,000. 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 salary from his employer. Assume his modified AGI is $520,000.
- His $482,000 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 $482,000 of taxable income includes $43,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000.
- Henrich has $196,000 of taxable income, which includes $50,400 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $212,000.
2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 10,275 $ 10,275 $ 41,775 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $ 89,075 $ 170,050 $ 215,950 $ 539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 - The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 |$98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850
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