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

Santini's new contract for $2024$ indicates the following compensation and benefits:

Santini is $54$ years old at the end of $2024.$ He is single and has no dependents. Assume that the employer matches $$1$ for $$1$ for the

first $$7,200$ that the employee contributes to his $401($k$)$ during the year. The restricted stock grant is $500$ shares granted when the

market price was $$5$ per share. Assume that the stock vests on December $31,2024,$ and that the market price on that date is $$22\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 $2023.$ 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 $2024.$ Use Tax rate schedules $2024$ and Exhibit $12-8.$

Note: Round your answers to the nearest whole dollar amount.