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Required information The following information applies to the questions displayed below Henrich is a single taxpayer In 2020, his taxable income is $451500 What is
Required information The following information applies to the questions displayed below Henrich is a single taxpayer In 2020, his taxable income is $451500 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) c. His $451,500 of taxable income includes $42,000 of long-term capital gain that is taxed at preferential rates (Round your answers to 2 decimal places.) Income tax Net investment income tax Total tax liability 000 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 SO $40.000 50 - $53,600 SO - $2650 15% 580,001 - $496,600 $40,001 $248.300 $40,001 - $441.450 $53,601 $469,050 $2,651 $13,150 2096 $496,601+ $248,301- $441,451 S469 051+ $13,151- *This rare applies to the ner capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified divide Income last for this purpose). Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 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
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