i need the answer quickly Required information[The following information applies to the questions displayed below.]Henrich is a single taxpayer. In 2023, his taxable income is $533,500. What are his income tax and net investment incometax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Ratesfor reference.Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your finalanswers to 2 decimal places.b. His $533,500 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Assume his modifiedAGI is $570,000.Answer is complete but not entirely correct.Amountincome tax$158,619.50Net investment income tax76.00Total tax liability$158,695.50

Income tax is one of the main ways the government makes money. People are subject to income tax…

b. His $533,500 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $570,000. Answer is complete but not entirely correct. Amount Income tax $158,619.500 Net investment income tax 76.00 Total tax liability $158,695.50

b. His $533,500 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $570,000. Answer is complete but not entirely correct. Amount Income tax $158,619.500 Net investment income tax 76.00 Total tax liability $158,695.50

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 4CE

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