Question
Henrich is a single taxpayer.In 2016, his taxable income is $425,000. What is his income tax and net investment income tax liability in each of
Henrich is a single taxpayer.In 2016, his taxable income is $425,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios?Use Tax Rate Schedule for reference.(Do not round intermediate calculations.Round your answer to 2 decimal places. Leave no answer blank. Enter zero if applicable.)
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.
Income tax $
Net investment income tax $ 380.00
Total tax liability $
The tax rate schedule
$0-$9275 10% of taxable income
$9275-$37650 927.50 plus 15% of the excess over $9275
$37650-$91150 5183.75 plus 25% of the excess over $37650
$91150-$190150 18558.75 plus 28% of the excess over $91150
$190150-$413350 46278.75 plus 33% of the excess over $190150
$413350-$415050 119934.75 plus 35% of the excess over $413350
$415050- - 120529.75 plus 39.6% of the excess over $415050
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