Santini's new contract for 2022 indicates the following compensation and benefits: Benefit Description Salary Health insurance Restricted stock grant Bonus Hawaii trip Group-term life insurance Parking ($326 per month) Amount $ 134,000 13,000 2,500 5,800 4,800 2,400 3,912 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 $27.50 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 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. Description Taxable Income Income Tax Liability Amount $ 135,098 Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 || $ 215,950 $ 539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 EXHIBIT 12-8 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection Cost per $1,000 of Protection for One 5-Year Age Bracket 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.