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PLEASE HELP WILL GIVE THUMBS UP Henrich is a single taxpayer. In 2023, his taxable income is $534,500. What are his income tax and net

PLEASE HELP WILL GIVE THUMBS UP

Henrich is a single taxpayer. In 2023, his taxable income is $534,500. What are his income tax and net investment income tax liability in each of the following alternative scenarios?

a. His $534,500 of taxable income includes $48,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $570,000.

b. Henrich has $197,250 of taxable income, which includes $50,900 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $214,500.

Tax Rates for Net Capital Gains and Qualified Dividends

Rate* Taxable Income
Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates
0% $0 - $89,250 $0 - $44,625 $0 - $44,625 $0 - $59,750 $0 - $3,000
15% $89,251 - $553,850 $44,626 - $276,900 $44,626 - $492,300 $59,751 - $523,050 $3,001 - $14,650
20% $553,851+ $276,901+ $492,301+ $523,051+ $523,051+

IndividualsSchedule X-Single

If taxable income is over: But not over: The tax is:
$ 0 $ 11,000 10% of taxable income
$ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000
$ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725
$ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375
$ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100
$ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250
$ 578,125 $174,238.25 plus 37% of the excess over $578,125

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