Santini's new contract for 2019 indicates the following compensation and benefits: Benefit Description Salary Health insurance Restricted stock grant Bonus Hawaii trip Group-term life insurance Parking (5331 per month) Amount $ 139,000 18,000 2,500 6,800 5,800 3,480 3,972 Santini is 54 years old at the end of 2019. He is single and has no dependents. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31, 2019, and that the market price on that date is $52.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawall trip was given to him as the outstanding salesperson for 2018. The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santini's taxable income and income tax liability for 2019. Use Tax rate schedules and Exhibit 12-8. (Round your answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Amount Description Taxable Benefits Salary Restricted stock grant Bonus Hawaii trip Life Insurance (taxable portion) Parking Santini is 54 years old at the end of 2019. He is single and has no dependents. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31, 2019, and that the market price on that date is $52.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawaii trip was given to him as the outstanding salesperson for 2018. The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santini's taxable income and income tax liability for 2019. Use Tax rate schedules and Exhibit 12-8. (Round your answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Amount Description Taxable Benefits Salary Restricted stock grant Bonus Hawaii trip Life Insurance (taxable portion) Parking AGI Standard Deduction Taxable income Income Tax Liability $ 0 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 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 S32.748.50 plus 32% of the excess over $160.725 $204,100 $510,300 $46.628.50 plus 35% of the excess over S204,100 $510,300 S153,798.50 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 The tax is: If taxable income is over: But not over: $ 0 $ 13,850 10% of taxable income 108,00 $168,400 $321.450 $408.200 $612,350 $321.450 $408,200 $612,350 59,086 plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168.400 $65.497 plus 32% of the excess over $321,450 $93.257 plus 35% of the excess over $408,200 $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 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately 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 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175 EXHIBIT 12-8 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection Table Summary: Chart shows cost per $1,000 of life insurance protection for one month per 5-year age bracket. 5-Year Age Bracket Cost per $1,000 of Protection for One Month $0.05 Under 25 25 to 29 .06 30 to 34 08 35 to 39 .09 40 to 44 .10 .15 45 to 49 50 to 54 .23 43 55 to 59 60 to 64 .66 65 to 69 1.27 2.06 70 and above Source: Reg. $1.79-3(d)(2)