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Required information Problem 8-63 (LO 8-1) (LO 8-3) (Algo) [The following information applies to the questions displayed belo w.] Henrich is a single taxpayer. In 2020, his taxable income is $454,000. 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 for reference. (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) Problem 8-63 Part-a (Algo) a. All of his income is salary from his employer. 0 Answer is complete and correct. Income tax $ 133,695 a Net investment income tax 0 a Total bx liability $ 133,695 b. His $454,000 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Net investment income tax Total tax liability $ 0 c. His $454,000 of taxable income includes $47,000 of long-term capital gain that is taxed at preferential rates. (Round your answers to 2 decimal places.) $ 1 1 7,245.00 Net investment income tax 7,050.00 Total tax liability $ 124,295.00 2020 Tax Rate Schedules Individuals Schedule XSingle If taxable income is over_ m $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 518,400 47,367.50 plus 35% of the excess over $207,350 $518,400 156,235 plus 37% of the excess over $518,400 Schedule Y1Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,750 0% of taxable income $ 19,750 $ 80,250 1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 9,235 plus 22% of the excess over $80,250 $171,050 $326,600 29,211 plus 24% of the excess over $171,050 $326,600 $414,700 66,543 plus 32% of the excess over $326,600 $414,700 $622,050 94,735 plus 35% of the excess over $414,700 $622,050 167,307.50 plus 37% of the excess over $622,050 | m _ 69 Schedule ZHead of Household If taxable income is over: But not over: The tax is: $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y2Married Filing Separately If taxable income is over_ m $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 47,367.50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37% of the excess over $311,025 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0 - $80,000 $0 - $40,000 $0 - $40,000 $0 - $53,600 $0 - $2,650 15% $80,001 - $496,600 $40,001 - $248,300 $40,001 - $441,450 $53,601 - $469,050 $2,651 - $13,150 20% $496,601+ $248,301+ $441,451+ $469,051+ $13, 151+ *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)
