5. Answer the following questions for the following three scenarios, based on the information below: a. What is the tax owed for 2023? b. How much did this taxpayer save in taxes due to the lower rate on capital gains? Show TWO WAYS to determine the savings and reconcile that the amounts for each way match. c. How much did the Affordable Care Act (ObamaCare) cost each taxpayer(s) in additional taxes? d. What are the average tax rates for each scenario? How do these rates compare to the marginal rates associated with total taxable income in each scenario? Are the gaps in these rates justified? Give pros and cons. Status Wage Income Scenario J MFJ Scenario K Scenario L 165,000 MFJ 495,000 Single 657,000 Interest income on corporate bonds 2,400 4,800 5,300 Inetrest income on tax-free municipal bonds 1,100 2,600 0 Qualified dividend income 0 9,500 10,400 Non-Qualified dividend income 0 2,700 2,935 Procceeds from selling stock that was purchased 3 years ago 44,000 203,000 262,000 Cost of that stock 3 years ago 11,000 61,000 181,000 Medical expenses paid 3,850 3,850 3,850 Home mortgage interest paid 0 12,400 15,700 State income taxes paid 7,000 22,275 29,565 Local property taxes paid 0 11,800 21,800 Charitable contributions paid 450 7,700 0 Unreimbursed job expenses 1,200 1,990 0 Federal income taxes withheld 26,000 145,000 193,000