Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please use attached tax rates Required information [The following information applies to the questions displayed below) Henrich is a single taxpayer. In 2021, his taxable

Please use attached tax rates
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below) Henrich is a single taxpayer. In 2021, his taxable income is $462,000. 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. Round your final answers to 2 decimal places.) a. All of his income is salary from his employer. Amount Income tax Net investment income tax Total tax liability $ 0.00 0 Required information [The following information applies to the questions displayed below) Henrich is a single taxpayer. In 2021, his taxable income is $462,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tox Rote Schedule. Dividends and Carital Gains Tax Rates for reference. (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places.) b. His $462,000 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates, Amount Income tax Net investment income tax Total tax liability Required information [The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2021, his taxable income is $462,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule. Dividends and Carital Gains Tax Rates for reference. (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places.) c. His $462,000 of taxable income includes $63,000 of long-term capital gain that is taxed at preferential rates. Amount Income tax Net investment income tax Total tax liability 0 Required information The following information applies to the questions displayed below) Henrich is a single taxpayer. In 2021, his taxable income is $462,000. 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. Round your final answers to 2 decimal places.) d. Henrich has $201.000 of taxable income, which includes $52,400 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $210,000 Amount Income tax Net investment income tax Total tax liability 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $164.925 $14,751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 S 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 S 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 $ 164,900 $13,293 plus 24% of the excess over $86,350 $164.900 $ 209,400 $32,145 plus 32% of the excess over $164,900 $ 209,400 S 523,600 $46,385 plus 35% of the excess nyer $209 400 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 09 $0-$80.800 SO . $40.400 SO - $40.400 $0-$54,100 50 - $2,700 15% $80 801 - 5501600 $40.401 - 5250 800 $40.401 - $445,850 $54,101 - 5473.750 $2,701 - $13.250 209 $501 601+ $250.8014 S445851+ $473.751+ $13,251+ *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 divide included in taxable income last for this purpose)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Food And Beverage Cost Control

Authors: Jack E. Miller, Lea R. Dopson, David K. Hayes

3rd Edition

0471273546, 978-0471273547

More Books

Students also viewed these Accounting questions

Question

Explain the major premise for using a factorial design.

Answered: 1 week ago

Question

b. Where is it located (hospital, research institute, university)?

Answered: 1 week ago