Question: Please answer correctly Santini's new contract for 2 0 2 4 indicates the following compensation and benefits: Santini is 5 4 years old at the

Please answer correctly
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 \(\$ 8,200\) that the employee contributes to his \(401(\mathrm{k})\) 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 \(\$ 35.00\) 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 and Exhibit 12-8.
Note: Round your answers to the nearest whole dollar amount.
2024 Tax Rate Schedules
Individuals
Schedule X-Single
Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
Schedule Z-Head of Household
Schedule Y-2-Married Filing Separately
EXHIBIT 12-8 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection
Source: Reg. 1.79-3(d)(2) and also published in IRS Publication 15-B.
Please answer correctly Santini's new contract

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