Dont uplode image in answer 2022 Tax Rate SchedulesIndividualsSchedule X-SingleIf taxable income is over: But not over:$0$ 10,275$ 41,775$ 89,075$ 170,050$ 215,950$ 539,900$ 10,275$ 41,775$ 89,075$ 170,050$215,950$ 539,900The tax is:$ 20,550$ 83,550$ 178,150$340,100$ 431,900$ 647,85010% of taxable income$1,027.50 plus 12% of the excess over $10,275|$4,807.50 plus 22% of the excess over $41,775$15,213.50 plus 24% of the excess over $89,075$34,647.50 plus 32% of the excess over $170,050$49,335.50 plus 35% of the excess over $215,950$162,718 plus 37% of the excess over $539,900Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over: But not over:$0$ 20,550$ 83,550$ 178,150$ 340,100$431,900$ 647,850The tax is:10% of taxable income$2,055 plus 12% of the excess over $20,550$9,615 plus 22% of the excess over $83,550$30,427 plus 24% of the excess over $178,150$69,295 plus 32% of the excess over $340,100$98,671 plus 35% of the excess over $431,900$174.253.50 plus 37% of the excess over $647,850 Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used inher business:AssetBuildingEquipmentSales Price$ 235,00085,000DescriptionTaxable incomeTax liabilityCost$ 205,000153,000Lily's taxable income before these transactions is $195,500. What are Lily's taxable income and tax liability for the year? Use Tax RateSchedule for reference.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.AccumulatedDepreciation$ 57,00028,000Amount

Capital gain refers to the profit earned from the sale or exchange of a capital asset, such as…

Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 235,000 85,000 Description Taxable income Tax liability Cost $ 205,000 153,000 Lily's taxable income before these transactions is $195,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Accumulated Depreciation $ 57,000 28,000 Amount