Santini's new contract for 2022 indicates the following compensation and benefits:

Benefit Description	Amount
Salary	$ 134,500
Health insurance	13,500
Restricted stock grant	2,500
Bonus	5,900
Hawaii trip	4,900
Group-term life insurance	2,500
Parking ($328 per month)	3,936

Santini is 54 years old at the end of 2022. 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, 2022, and that the market price on that date is $30.00 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 2021. 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 2022. Use Tax rate schedules and Exhibit 12-8.

Note: Round your answers to the nearest whole dollar amount.

EXHIBIT 12-8 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection

5-Year Age Bracket Cost per $1,000 of Protection for One Month Under 25 $0.05 25 to 29 .06 30 to 34 .08 35 to 39 .09 40 to 44 .10 45 to 49 .15 50 to 54 .23 55 to 59 .43 60 to 64 .66 65 to 69 1.27 70 and above 2.06

Source: Reg. 1.79-3(d)(2) and also published in IRS Publication 15-B.

2022 Tax Rate Schedules

Individuals

Schedule X-Single

If taxable income is over:	But not over:	The tax is:
$ 0	$ 10,275	10% of taxable income
$ 10,275	$ 41,775	$1,027.50 plus 12% of the excess over $10,275
$ 41,775	$ 89,075	$4,807.50 plus 22% of the excess over $41,775
$ 89,075	$ 170,050	$15,213.50 plus 24% of the excess over $89,075
$ 170,050	$ 215,950	$34,647.50 plus 32% of the excess over $170,050
$ 215,950	$ 539,900	$49,335.50 plus 35% of the excess over $215,950
$ 539,900		$162,718 plus 37% of the excess over $539,900