1 (4 points). Based on the information in Chapter 4, answer:

1.1. Why is filing status important in calculating income taxes (use one sentence to explain);

1.2. What are general steps to calculate Federal income taxes, and which parts are confusing and why (cite relevant page numbers of the text);

1.3. Which strategy on avoiding paying unnecessary taxes is most relevant to your family and why;

1.4. Do you file income tax yourself (if so, share some experience with us)?

1.5. Partners. The partner file can be found below this discussion. Please contact each other and develop a plan to help each other for course activities. Report what you have done.

2 (4 points). Add new information about tax planning to the financial plan files. You may add new information to the files but don't need to submit them this time. In the following, just report: Tax Planning What is this hypothesized person's filing status, what is the marginal tax rate, what is the tax due based on this person's income in 2024? Since the 2024 IRS tax information is not available, you may use the 2022 tax information for estimation. You may use the Excel template file used in Q2 to estimate this person's federal income tax. What is the percentage of federal income tax in the budget, which can be calculated as: tax due / total expense)? What strategies can be used for this person to avoid paying unnecessary Federal income taxes?