|??Health insurance||?||9,000 ?|
|??Restricted stock grant||?||2,500 ?|
|??Hawaii trip||?||4,000 ?|
|??Group-term life insurance||?||1,600 ?|
|??Parking ($275 per month)||?||3,300 ?|
Santini is 54 years old at the end of 2014. He is single and has no dependents. Assume that the employer matches $1 for $1 for the first $6,000 that the employee contributes to his 401(k) during the year. The 100 ISOs each allow the purchase of 10 shares of stock at a strike price of $5 (also the market price on the date of grant). The ISOs vest in two years when the stock price is expected to be $15 and Santini expects to sell the shares in three years when the market price is $20. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31, 2014, and that the market price on that date is $7.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawaii trip was given to him as the outstanding sales person for 2013. The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Assume that Santini makes a section 83(b) election.
Determine Santini's taxable income and?income tax liability for 2014. Use Tax rate schedule and Exhibit 12-10. (Round your answer to the nearest whole dollar amount.)
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