2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84.200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160.725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 12 Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long-term assets used in her business: 10 points Asset Building Equipment Sales Price $232,400 82,480 Cost $ 202,400 150,400 Accumulated Depreciation $54,400 25,400 Lily's taxable income before these transactions is $192,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Description Amount Taxable income 234,700 Tax liability S 54,495 S