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Pls answer the second question based on 2020 tax rates. Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2020,
Pls answer the second question based on 2020 tax rates. Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2020, she sells the following long-term assets used in her business: Es Asset Building Equipment Sales Price $233,600 83,600 Cost $203,600 151,600 Accumulated Depreciation $55,600 26,600 Lily's taxable income before these transactions is $194100.What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Description Taxable income Tax liability S Amount 238,300 OX 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40.125 $987.50 plus 12% of the excess over $9.875 $ 40.125 $ 85,525 $4.617.50 plus 22% of the excess over $40,125 $ 851525 $163,300 $14,605,50 plus 24% of the excess over $85,525 S163,300 $207,350 $33,271,50 plus 32% of the excess over $163,300 $207 350 $$18.400 $47.367.50 plus 35% of the excess over $207,350 $518.400 $156,235 plus 37% of the excess over $518.400
Pls answer the second question based on 2020 tax rates.
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