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(Solution Download) Henrich is a single taxpayer. In 2014, his taxable income is $425,000. What is his income tax and ne


 

 

 

 

 

 

 

Henrich is a single taxpayer. In 2014, his taxable income is

 

$425,000. What is his income tax and net investment income tax

 

liability in each of the following alternative scenarios? Use Tax

 

Rate Schedule for reference. (Do not round intermediate

 

calculations. Round your answer to 2 decimal

 

places.)

 

 

 

 

 

 

 

 

 

a.

 

All of his income is salary from his employer.

 

 

tax liability ?

 

        

 

 

 

 

 

 

 

 

b.

 

His $425,000 of taxable income includes $2,000 of long-term

 

capital gain that is taxed at preferential rates.

 

 

tax liability ?

 

        

 

 

 

 

 

 

 

 

c.

 

His $425,000 of taxable income includes $55,000 of long-term

 

capital gain that is taxed at preferential rates.

 

 

tax liability ?

 

        

 

 

 

 

 

 

 

 

d.

 

Henrich has $195,000 of taxable income, which includes $50,000

 

of long-term capital gain that is taxed at preferential rates.

 

Assume his modified AGI is $210,000.

 

 

tax Liability ?

 

     

 

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