Joey is carrying on a retail business as a sole proprietor. His taxable income for the 2020-21 income year is $115,000. Which of the following calculations will be performed to determine his income tax liability? Disregard the medicare levy and any tax offsets that may apply. O $5,092 + ($115,000 - $45,000) x 0.325 O $29,467 +($115,000 - $45,000) x 0.325 $115,000 x 0.325 O $29,467 + ($115,000 - $45,000) x 0.37