is employer. Assume his modified AGI is $520,0 includes $2,000 of long-term capital gain that includes $57,000 of long-term capital gain that
is employer. Assume his modified AGI is $520,0 includes $2,000 of long-term capital gain that includes $57,000 of long-term capital gain that
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 13P
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Question
I need help with b, c, and d.
Transcribed Image Text:Henrich is a single taxpayer. In 2022, his taxable income is $489,000. What are 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.
Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2
decimal places.
Required:
a. All of his income is salary from his employer. Assume his modified AGI is $520,000.
b. His $489,000 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Assume his modified
AGI is $520,000.
c. His $489,000 of taxable income includes $57,000 of long-term capital gain that is taxed at preferential rates. Assume his modified
AGI is $520,000.
d. Henrich has $210,750 of taxable income, which includes $51,800 of long-term capital gain that is taxed at preferential rates. Assume
his modified AGI is $219,000.
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