2020 Tax Rate Schedules Head of householdSchedule Z SingleSchedule X If taxable income is: But not Over- over- of the amount over- If taxable income is: Over- But not of the amount over- The tax is: over- The tax is: $ 0 $ 9,875 ......... 10% $ 0 $ 0 ......... 10% $ 0 9,875 40,125 $ 987.50 + 12% 9,875 14,100 $ 1,410.00 + 12% 14,100 85,525 53,700 40,125 85,525 163,300 6,162.00 + 22% 4,617.50 + 22% 14,605.50 + 24% $ 14,100 53,700 85,500 163,300 207,350 40,125 85,525 163,300 13,158.00 + 24% 85,500 163,300 53,700 85,500 163,300 207,350 33,271.50 + 32% 163,300 31,830.00 + 32% 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% 518,400 Married filing jointly or Qualifying widow(er) Schedule Y-1 Married filing separatelySchedule Y-2 If taxable income is: Over- of the amount But not If taxable income is: Over- But not of the amount over over- The tax is: over- over- The tax is: $ 0 $ 19,750 ......... 10% $ 0 $ 0 $ 9,875 .........10% $ 0 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 $ 987.50 + 12% 9,875 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,525 4,617.50 + 22% 40,125 326,600 29,211.00 + 24% 14,605.50 + 24% 85,525 171,050 326,600 171,050 326,600 163,300 207,350 414,700 85,525 163,300 207,350 66,543.00 + 32% 33,271.50 + 32% 163,300 207,350 414,700 622,050 94,735.00 + 35% 414,700 311,025 47,367.50 + 35% 622,050 167,307.50 + 37% 622,050 311,025 83,653.75 + 37% 311,025 Exercise 15-21 (LO. 3, 4) In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $ 12,240 X Tax liability (round to the nearest dollar): $ 4,190 x