Reference no: EM131762764

Henrich is a single taxpayer. In 2016, 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. Leave no answer blank. Enter zero if applicable.)

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.

Income tax $

Net investment income tax $ 380.00

Total tax liability $

The tax rate schedule

$0-$9275 10% of taxable income

$9275-$37650 927.50 plus 15% of the excess over $9275
$37650-$91150 5183.75 plus 25% of the excess over $37650
$91150-$190150 18558.75 plus 28% of the excess over $91150
$190150-$413350 46278.75 plus 33% of the excess over $190150
$413350-$415050 119934.75 plus 35% of the excess over $413350
$415050- - 120529.75 plus 39.6% of the excess over $415050