Accountancy 503 Submit your answers in an Excel spreadsheet. Part1 Ivette received Social Security benefits during the current year of $15,400. Ivette's only other sources of income were wages of $16,000, interest income from corporate bonds of $4,000, and taxable domestic dividends of 1,100. Ivette is single, 72-years of age, and has no dependents. a. Calculate Ivette's AGI. b. What would be Ivette's AGI if Ivette also had tax-free municipal bond interest income of $9,600. Part2 Sebastian had a rather good year in 2020. Sebastian is unmarried and provides over one-half of the support for his 39-year-old roommate who legally lives in the home for the entire year. Sebastian had the following for 2020: Salary $61,744 Interest income 8,875 Rental income 22,350 Rental expenses 12,350 QBI deduction from AGI 2,000 Standard deduction 12,400 Itemized deductions 13,700 Calculate Sebastian's adjusted gross income, taxable income, and net income tax before prepayments