A sole proprietorship earned taxable income of $136,000. The…
A sole proprietorship earned taxable income of $136,000. The proprietor earned no other income. According to the tax table for individuals shown below, what was the proprietor’s income tax expense? Ignore the standard deduction. (Enter your answer to the nearest penny. Do not enter the dollar symbol or any commas. For example, if your answer is $1,234.56789, enter 1234.57. Do not worry if Canvas adds commas or truncates trailing zeroes.) From To Rate $ 0 $ 9,950 10% $ 9,950 $ 40,525 12% $ 40,525 $ 86,375 22% $ 86,375 $ 164,925 24% $ 164,925 $ 209,425 32% $ 209,425 $ 523,600 35% $ 523,600 $ infinity 37%