Problem $11-48($LO $11-3,$ LO $11-4,$ LO $11-5)($Algo$)$

Lily Tucker $($single$)$ owns and operates a bike shop as a sole proprietorship. In $2023,$ she sells the following long$-$term assets used in

her business:

Lily's taxable income before these transactions is $$190,900.$ 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.

Answer is complete but not entirely correct$\mathrm{.}2023$ Tax Rate Schedules

Individuals

Schedule X$-$Single

Schedule Y$-1-$Married Filing Jointly or Qualifying surviving spouse

Schedule Z$-$Head of HouseholdSchedule Z$-$Head of Household

$\backslash$table$[[$If taxable income is over:,But not over:,The tax is:$],[$$$0,$$$15,700,10\%$ of taxable income$],[$$$15,700,$$$59,850,$$$1,570$ plus $12\%$ of the excess over $$15,700],[$$$59,850,$$$95,350,$$$6,868$ plus $22\%$ of the excess over $$59,850],[$$$95,350,$$$182,100,$$$14,678$ plus $24\%$ of the excess over $$95,350],[$$$182,100,$$$231,250,$$$35,498$ plus $32\%$ of the excess over $$182,100],[$$$231,250,$$$578,100,$$$51,226$ plus $35\%$ of the excess over $$231,250],[$$$578,100,-,$$$172,623\mathrm{.}5$ plus $37\%$ of the excess over $$578,100]]$

Schedule Y$-2-$Married Filing Separately

$\backslash$table$[[$If taxable income is over:,But not over:,The tax is:$],[$$$10,$$$11,000,10\%$ of taxable income$],[$$$11,000,$$$44,725,$$$1,100$ plus $12\%$ of the excess over $$11,000],[$$$44,725,$$$95,375,$$$5,147$ plus $22\%$ of the excess over $$44,725],[$$$95,375,$$$182,100,$$$16,290$ plus $24\%$ of the excess over $$95,375],[$$$182,100,$$$231,250,$$$37,104$ plus $32\%$ of the excess over $$182,100],[$$$231,250,$$$346,875,$$$52,832$ plus $35\%$ of the excess over $$231,250],[$$$346,875,-,$$$93,300\mathrm{.}75$ plus $37\%$ of the excess over $$346,875]]$Problem $11-48($LO $11-3,$ LO $11-4,$ LO $11-5)($Algo$)$

Lily Tucker $($single$)$ owns and operates a bike shop as a sole proprietorship. In $2023,$ she sells the following long$-$term assets used in

her business:

Lily's taxable income before these transactions is $$190,900.$ What are Lily's taxable income and tax liability for the year? Use:Tax Rate:

Schedule:for reference.

N$$t$$: $\text{'}$D$$ not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

Answer is complete but not entirely correct.