Exercise 15-19 (Algorithmic) (LO. 3, 4) In 2020, Henry Jones 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 $119,800. 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. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $ Tax liability (round to the nearest dollar): $ 2020 Tax Rate H If ir o Single-Schedule X If taxable income is: But not Over- over- $ 0 $ 9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 The tax is: . 10% $ 987.50 + 12% 4,617.50 + 22% 14,605.50 + 24% 33,271.50 + 32% 47,367.50 + 35% 156,235.00 + 37% of the amount over- $ 0 9,875 40,125 85,525 163,300 207,350 518,400