so Chapter 8 Homework 3 Parto Required information The following information applies to the questions displayed below.) Henrich is a single taxpayer. In 2020, his taxable income is $451500. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule Didends and capital Canilax Rates for reference. (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) 5 Don ed Boer c. His $451500 of taxable income includes $12.000 of long term capital gain that is taxed at preferential rates (Round your answers to 2 decimal places.) Income Netcom $ 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.875 10% of taxable income S 9.875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 S47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 S 19.750 10% of taxable income S 19.750 S 80.250 $1.975 plus 12% of the excess over $19.750 $ 80.250 $171.050 $9.235 plus 22% of the excess over $80.250 $171,050 S326,600 $29.211 plus 24% of the excess over $171.050 $326.600 $414.700 $66.543 plus 32% of the excess over $326,600 $414.700 $622,050 $94.735 plus 35% of the excess over $414.700 $622,050 S167.307.50 plus 37% of the excess over $622.050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 14,100 10% of taxable income S 14.100 S 53.700 $1.410 plus 12% of the excess over $14,100 $ 53.700 $ 85,500 56.162 plus 22% of the excess over $53.700 S 85,500 S163.300 S13.158 plus 24% of the excess over $85.500 $163,300 $207,350 $31.830 plus 32% of the excess over $163.300 $207.350 $518.400 S45.926 plus 35% of the excess over $207,350 $518.400 S154.793.50 plus 37% of the excess over $518.400 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Married Filing Jointly Married Filing Single Head of Household Trusts and Estates Rate Separately 0% SO S80.000 SO - $40,000 SO - $40.000 SO - $53.600 SO - 52.650 15% $80,001 - S496,600 S40,001 - $248,300 $40,001 - $441,450 $53,601 - $469,050 S2,651 - $13.150 20% S496,601 $248,301+ S441.451 $469,051+ $13,151+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable mcome specified in the table mer capi. purpose)
