Henrich is a single taxpayer. In 2018, his taxable income is$450,500. What is his...

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Accounting

Henrich is a single taxpayer. In 2018, his taxable income is$450,500. What is his income tax and net investment income taxliability in each of the following alternative scenarios? Use TaxRate Schedule, Dividends and Capital Gains Tax Rates, Estates andTrusts for reference.
What is the income tax and the net investment income tax foreach of the following:
a. All of his income is salary from hisemployer.
b. His $450,500 of taxable income includes$2,000 of long-term capital gain that is taxed at preferentialrates.
c. His $450,500 of taxable income includes$40,000 of long-term capital gain that is taxed at preferentialrates.
d. Henrich has $195,250 of taxable income,which includes $50,100 of long-term capital gain that is taxed atpreferential rates. Assume his modified AGI is $210,000.

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a All of Henrich income is income from salary Henrich is a single taxpayer and since all his income is from salary he will pay tax according to the slab rates Total taxable income 450500 Income slab Tax rate Amount on first 9525 10 95250 on next 29175 387009525 12 3501 on next 43800 82500 38700 22 9636 on next 75000 15750082500 24 18000 on next 42500 200000157500 32 13600 on balance 250500 35 87675 Total tax payable 13336450 Henrish has no investment income hence net investment income tax is Nil b The taxable income is 450500Since this falls in the taxable income slab See Answer

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In: AccountingHenrich is a single taxpayer. In 2018, his taxable income is$450,500. What is his income...Henrich is a single taxpayer. In 2018, his taxable income is$450,500. What is his income tax and net investment income taxliability in each of the following alternative scenarios? Use TaxRate Schedule, Dividends and Capital Gains Tax Rates, Estates andTrusts for reference.What is the income tax and the net investment income tax foreach of the following:a. All of his income is salary from hisemployer.b. His $450,500 of taxable income includes$2,000 of long-term capital gain that is taxed at preferentialrates.c. His $450,500 of taxable income includes$40,000 of long-term capital gain that is taxed at preferentialrates.d. Henrich has $195,250 of taxable income,which includes $50,100 of long-term capital gain that is taxed atpreferential rates. Assume his modified AGI is $210,000.