Santini’s new contract for 2020 indicates the following compensation and benefits: 

Benefit Description	Amount
Salary	$130,000
Health insurance	$9,000
Restricted stock granted	$2,500
Bonus	$5,000
Hawaii trip	$4,000
Group-term life insurance	$1,600
Parking ($300 per month)	$3,600

Santini is 54 years old at the end of 2020. 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, 2020, and that the market price on that date is $7.50 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 sales person for 2019. 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 2020.