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 $87,400. Assume Henry takes the standard deduction of $12,400.

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: $15000

Tax liability (round to the nearest dollar): $ ???

Taxable Income1   Tax Rates
Joint Filers   Single Filers   Federal   Net Investment Income2   Long-Term Capital Gains
$0 - $19,750   $0 - $9,875   10%   -    0%
$19,751 - $80,000   $9,876 - $40,000   12%
$80,001 - $80,250   $40,001 - $40,125   12%   15%
$80,251 - $171,050   $40,126 - $85,525   22%
$171,051 - $250,000   $85,526 - $163,300   24%
-   $163,301 - $200,000   32%
$250,001 - $326,600   -   24%   3.8%
$326,601 - $414,700   $200,001 - $207,350   32%
$414,701 - $496,600   $207,351 - $441,450   35%
$496,601 - $622,050   $441,451 - $518,400   35%   20%
$622,051 and above   $518,401 and above   37%
Taxable Income1   Federal Tax Rates
Married Filing Separately   Head of Household   Income   Net Investment Income2   Long-Term Capital Gains
$0 - $9,875   $0 - $14,100   10%   -    0%
$9,876 - $40,000   $14,101 - $53,600   12%
$40,001 - $40,125   $53,601 - $53,700   12%   15%
$40,126 - $85,525   $53,701 - $85,500   22%
$85,526 - $125,000   $85,501 - $163,300   24%
-   $163,301 - $200,000   32%
$125,001 - $163,300   -   24%   3.8%
$163,301 - $207,350   $200,001 - $207,350   32%
$207,351 - $248,300   $207,351 - $469,050   35%
$248,301 - $311,025   $469,051 - $518,400   35%   20%
$311,026 and above   $518,401 and above   37%