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22-11-2017
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Lily's taxable income before these transactions is $160,500. what are lily's taxable income and tax liability for the year? use

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01-12-2017

The tax rate on $160,500 is 25%. So you will have to convert 25% to a decimal which is .25. You then take .25 and multiply it by 160500. The answer is 40125, then you subtract that by 160500 and get 120375. That is her taxable income and liability.

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