Required information Problem 8-63 (LO 8-1) (LO 8-3) The following information applies to the questions displayed below.) Henrich is a single taxpayer. In 2019, his taxable income is $450,000. 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. (Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) Problem 8-63 Part-a a. All of his income is salary from his employer. Income tax Net investment income tax Total tax liability $ 0.00 Required information Problem 8.63 (LO 8-1) (LO 8-3) The following information applies to the questions displayed below. Henrich is a single taxpayer. In 2019, his taxable income is $450,000. 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. (Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) Problem 8-63 Part-b b. His $450,000 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Income tax Net investment income tax Total tax ability 0.00 Required information Problem 8-63 (LO 8-1) (LO 8-3) (The following information applies to the questions displayed below.) Henrich is a single taxpayer. In 2019, his taxable income is $450,000. 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. (Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) Problem 8-63 Part-c c. His $450,000 of taxable income includes $55,000 of long-term capital gain that is taxed at preferential rates. Income tax Net investment income tax Total tax liability 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 - $153,798,50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168.400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408.200 $612,350 - $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12.962 plus 24% of the excess over $84,200
