After downloading the attachment please fill in the required table and answer the additional questions. Please upload the completed document to this drop box. You will be responding to the following scenario: For this activity you will be working with a young couple, Emerson and Nevada. They recently got married and in order to make ends meet, they are working a number of part-time jobs and have some additional income streams. They have both sat down and written out a general picture of everything they anticipate needing for tax season. Emerson is still working full-time as a manager and mates around $3,105 per month without taxes being withheld. To feed his poker habit he has spent $600 over the past year and won a total of $1,200. He also bought around $500 in lottery tickets and won $100 early in the year. His student loans amount to $35,000, with a monthly payment of $277; he also got an email that he paid $2,170 in interest over the past year. Nevada is still working at her part-time job as an antique appraiser (10 hours per week at about $30 per hour after taxes; working roughly 42 weeks last year). The business related mileage on her truck totals 6,800 miles. Many of her customers tipped her so she saw $5,780 in tips. She also profited $1,600 through the selling of a portion of her coin collection due to higher prices of precious metals. Her savings account has earned $1.50, and her investments have paid her $576. Last year she graduated from her undergraduate program, and she paid $7,900 in tuition (she also qualified for the American Opportunity Credit). She is looking at going to graduate school for her masters soon. We will ignore the possible presence of capital gains so you will group all the above forms of taxable income together along with any appropriate deductions to find this couple's taxable income. Ultimately, tax laws change every year so the key here is to get a general idea on how to treat these items. When it comes time to do their taxes, Nevada and Emerson should consult a tax professional. 1. Ust the ltems income ltems below noting whether they are generally taxable. Aso list the tax deductions/credits and note whether they are refundable. Use the table to 2. If the standard deduction is $12,600 for their tax year, is the couple better off using the standard deduction or ltemizing? Why? 3. Nevada is thinking about taking 4 years part-time to finish her master's instead of 2 years full-time. Would this option have any influence on their taxes? 4. Children can be very expensive (on average $17,000 per year). Should individuals receive any tax breaks for childrenddependents? Explain the type and amount of tax credit or tax deduction that you feel is most appropriate to account for this