BALON 5. Charlotte Taylor is 24 years old and single, lives in an apartment, and has no dependents. Last year, she earned $50,000 as a sales assistant for Office Furniture Rentals, and $5,000 of her wages were withheld for federal income taxes. In addition, she had interest income of $400. She takes the standard deduction. Calculate her taxable income tax liability, and tax refund or tax owed for the year. (Round the tax liability to the nearest dollar.) (10 points) Taxable income is Between 0 - $9,875 $9,876 - $40,125 $40,126 - $85,525 $85,526 - $163,300 $163,301 - $207,350 $207,351 - $518,400 $518,401 or more (Standard deduction is 12,400 in 2020.) Tax rate 10% 12% 22% 24% 32% 35% 37%