Henrich is a single taxpayer. In 2022, his taxable income is $488,500. 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:His $488,500 of taxable income includes $56,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000.Henrich has $199,250 of taxable income, which includes $51,700 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $218,500. Required A Required B Required C Required DHenrich has $199,250 of taxable income, which includes $51,700 of long-term capital gain that is taxed at preferential rates.Assume his modified AGI is $218,500.Income taxNet investment income taxTotal tax liability$Amount0.00 Required A Required B Required CHis $488,500 of taxable income includes $56,000 of long-term capital gain that is taxed at preferential rates. Assume hismodified AGI is $520,000.Income taxNet investment income taxTotal tax liability$Required DAmount2,128.002,128.00

Taxable income refers to the sum value of money earned by a taxpayer that is subject to a compulsory…

Answered: Henrich is a single taxpayer. In 2022

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 15DQ: LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige...

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Required:

His $488,500 of taxable income includes $56,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000.
Henrich has $199,250 of taxable income, which includes $51,700 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $218,500.

Required A Required B Required C
His $488,500 of taxable income includes $56,000 of long-term capital gain that is taxed at preferential rates. Assume his
modified AGI is $520,000.
Income tax
Net investment income tax
Total tax liability
$
Required D
Amount
2,128.00
2,128.00

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