Santini's new contract for 2021 indicates the following compensation and benefits Benefit Description Salary Health insurance Restricted stock grant Bonus Hawaii trip Group-ters life insurance Pariding (5328 per month) Amount $ 137,000 16,000 2,500 6.400 5,600 3,000 3,936 Santini is 54 years old at the end of 2021. He is single and has no dependents. Assume that the employer matches $1 for $1 for the first $6.000 that the employee contributes to his 401(K) during the year. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31, 2021 and that the market price on that date is $42.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawell trip was given to him as the outstanding salesperson for 2020 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 2021. 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.) Description Amount Taxable Benefits $ 137,000 Salary Restricted stock grant Bonus Hawaii trip Life Insurance (taxable portion) Parking AGI $ 137,000 Standard Deduction Taxable income Income 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 S 86,375 S4.664 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 $ 523,600 $47.843 plus 35% of the excess over $209,425 S 523,600 $157,804.25 plus 37% of the excess over $523,600 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 .06 .08 .09 .10 Under 25 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 65 to 69 .15 23 43 N .66 1.27 2.06 70 and above Source Reg. $7.70-340/2)