A Single Father's Tax Situation Ever since his wife's death, Eric Armano has faced difficult personal and financial circumstances. His job provides him with a fairly good income but requires him to hire a caregiver for his daughters, ages 8 and 10, nearly 20 daya a month. Thin requires him to use in-home child-care services that consume a large portion of his income. Since the Armanos live in a small apartment, this arrangement has been very incomvenient. Although Eric has created an investment fund for his daughters' education and for his retirement, be has not sought to select investments that offer tax benefits. Overall, he needs to look at several aspects of his tax-planning activities to find strategies that will best serve his current and future financial needs. Eric has assembled the following information for the current tax year. 1. What are Eric's major financial concerns in his current situation? 2. In what ways might Eric improve his tax-planning efforts? 3. Is Eric typical of many people in our society with regard to tax planning? Why, or why not? a. What additional actions might Eric investigate regarding taxes and personal financial planning? 4. Calculate the following: a. What is Eric's 2016 federal taxable income? (Refer to Exhibit 3-1 (@)). b. What is his total 2017 federal tax liability? What is his average 2016 federal tax rate? c. Will Eric receive a tax refund or owe additional taxes to the federal government for 2016