Santinis new contract for 2023 indicates the following compensation and benefits: Santini is 54 years old at the end of 2023 . He is single and has no dependents. Assume that the employer matches $1 for $11 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, 2023, and that the market price on that date is $62.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawail trip was given to him as the outstanding salesperson for 2022 . The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santini's taxable income and income tax liability for 2023. Use Tax rate schedules and Exhibit 12-8. Note: Round your answers to the nearest whole dollar amount. 2023 Tax Rate Schedules Individuals Srhednle V.1-Married Filino Ininflv ar Onalifvino curvivina cnance Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$ & $11,000 & 10% of taxable income \\ \hline$11,000 & $44,725 & $1,100 plus 12% of the excess over $11,000 \\ \hline$44,725 & $95,375 & $5,147 plus 22% of the excess over $44,725 \\ \hline$95,375 & $182,100 & $16,290 plus 24% of the excess over $95,375 \\ \hline$182,100 & $231,250 & $37,104 plus 32% of the excess over $182,100 \\ \hline$231,250 & $346,875 & $52,832 plus 35% of the excess over $231,250 \\ \hline$346,875 & - & $93,300.75 plus 37% of the excess over $346,875 \\ \hline \end{tabular} EXHIBIT 12-8 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection Source: Reg. $1.793(d)(2) and also published in IRS Publication IJ-B