Henrich is a single taxpayer. In 2020, his taxable income is $455,000. What is his income...

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Henrich is a single taxpayer. In 2020, his taxable income is $455,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) c. His $455,000 of taxable income includes $49,000 of long-term capital gain that is taxed at preferential rates. (Round your answers to 2 decimal places.) tax Answer is complete but not entirely correct. Income tax Net investment income Total tax liability $124,245.00 1,862.00 $126,107.00 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 9,875 10% of taxable income $ 40,125 $ 85,525 $163,300 $207,350 $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $518,400 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 $ 0 $ 9,875 $ 40,125 $ 85,525 $163,300 $207,350 $518,400 The tax is: Tax Rates for Net Capital Gains and Qualified Dividends Rate* 0% 15% 20% Married Filing Jointly $0 - $80,000 $80,001 - $496,600 $496,601+ Married Filing Separately $0 - $40,000 $40,001 - $248,300 $248,301+ Taxable Income Single SO - $40,000 $40,001 - $441,450 $441,451+ Henrich is a single taxpayer. In 2020, his taxable income is $455,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) c. His $455,000 of taxable income includes $49,000 of long-term capital gain that is taxed at preferential rates. (Round your answers to 2 decimal places.) tax Answer is complete but not entirely correct. Income tax Net investment income Total tax liability $124,245.00 1,862.00 $126,107.00 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 9,875 10% of taxable income $ 40,125 $ 85,525 $163,300 $207,350 $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $518,400 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 $ 0 $ 9,875 $ 40,125 $ 85,525 $163,300 $207,350 $518,400 The tax is: Tax Rates for Net Capital Gains and Qualified Dividends Rate* 0% 15% 20% Married Filing Jointly $0 - $80,000 $80,001 - $496,600 $496,601+ Married Filing Separately $0 - $40,000 $40,001 - $248,300 $248,301+ Taxable Income Single SO - $40,000 $40,001 - $441,450 $441,451+

Answer rating: 100% (QA)

c Particulars 1 Taxable income 2 Preferentially taxed income 3 Income taxed at ordin... View the full answer