Comprehensive Problem $12-51($LO $12-1,$ LO $12-2,$ LO $12-3)($Static$)$

Santini's new contract for $2022$ indicates the following compensation and benefits:

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 $$5$ per share. Assume that the stock vests on December $31,2022,$ and that the market price on that date is $$7\mathrm{.}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$\mathrm{.}2022$ Tax Rate Schedules

Individuals

Schedule X$-$Single

Schedule Y$-1-$Married Filing Jointly or Qualifying Widow$($er$)$

Schedule Z$-$Head of Household

Schedule Y$-2-$Married Filing SeparatelyEXHIBIT $12-8$ Uniform Premiums for $$1,000$ of Group$-$Term Life Insurance Protection

$\backslash$table$[[5-$Year Age Bracket,$\backslash$table$[[$Cost per $$1,000$ of Protection for One$],[$Month$]]],[$Under $25,$$$0\mathrm{.}05$