Assume that the tax law allows Individuals to claim an itemized deduction for the cost of music lessons for the taxpayer or any member of their family. Instead of this deduction, individuals may claim the first $1,000 of the cost as a nonrefundable tax credit (no carryforward or carryback of any excess credit). In each of the following situations, compute taxpayer's additional tax savings If she elects to take the credit and her additional tax savings if she elects the deduction. In each situation the taxpayer is single. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table a. Compute Ms. Margo's additional tax savings if she elects to take the credit and her additional tax savings if she elects the deduction. She has $80,000 AGI. Before consideration of the $5,000 cost of her music lessons, she has no itemized deductions. b. Compute Ms. Nelson's additional tax savings if she elects to take the credit and her additional tax savings if she elects the deduction. She has $38,000 AGI. Before consideration of the $5,000 cost of her music lessons, she has $14,000 itemized deductions. c. Compute Ms. Omar's additional tax savings if she elects to take the credit and her additional tax savings if she elects the deduction She has $195,000 AGI. Before consideration of the $5,000 cost of her music lessons, she has $13,200 itemized deductions. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Margo's additional tax savings if she elects to take the credit and her additional tax savings if she elects the deduction. She has $80,000 AGI. Before consideration of the $5,000 cost of her music lessons, she has no itemized deductions Ms. Margo's additional tax savings if she elects the credit Ms. Margo's additional tax savings if she elects the deduction Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Nelson's additional tax savings if she elects to take the credit and her additional tax deduction. She has $38,000 AGI. Before consideration of the $5,000 cost of her music lessons, she deductions. Ms. Nelson's additional tax savings if she elects the credit Ms. Nelson's additional tax savings if she elects the deduction Complete this question by entering your answers in the tabs below. Required A Required B Required Compute Ms. Omar's additional tax savings if she elects to take the credit and her additional tax deduction. She has $195,000 AGI. Before consideration of the $5,000 cost of her music lessons, s deductions. Ms. Omar's additional tax savings if she elects the credit Ms. Omar's additional tax savings if she elects the deduction Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is: The tax is: Not over $19.400 10% of taxable income Over $19,400 but not over $78.950 S1,940 + 12% of excess over $19.400 Over $75.950 but not over $168.400 $9,056 +22% of excess over $75,950 Over S168,400 but not over S321,450 $25,765 +24% of excess over $168.400 Over S321.450 but not over S405,200 $65,497 + 32% of excess over 5321.450 Over $408.200 but not over $612,350 $93.257 + 35% of excess over $405,200 Over 5612.350 S164.709.50 +37% of excess over $612.350 Married Filing Separately If taxable income is: The tax is: Not over 59,700 10% of taxable income Over $9.700 but not over $39.475 S970 +12% of excess over $9.700 Over $39.475 but not over $84.200 S4.543 + 22% of excess over 539,475 Over $84.200 but not over $160,725 $14.382.50 +24% of excess over $84.200 Over S160,725 but not over S204,100 S32.74850 + 32% of excess over $160.725 Over S204.100 but not over $306,175 546,628 50 + 35% of excess over S204,100 Over S306,175 $82.354.75 +37% of excess over $306,175 Heads of Household Ir taxable income is: The tax is: Not over $13,850 10% of taxable income Over $13,250 but not over S52.850 S1,355 + 12% of excess over $13.550 Over $52.350 but not over SS4,200 56,065 +225 of excess over S52.550 Over $54,200 but not over 100,700 $12.962 +24% of excess over $84.200 Over $160.700 but not over S204,100 $31,322 + 32% of excess over $160,700 Over S204,100 but not over S510,300 $45.210 + 35% of excess over S204,100 Over 5510,300 $152.350 + 37% of excess over S510,300 Single If taxable income is: The tax is: Not over $9.700 10% of taxable income Over 89700 but not over $39.475 5970+ 12% of excess over 59,700 Over $39.475 but not over $84.200 $4,543 +225 of excess over 539,475 Over $84,200 but not over $160.725 $14,382 5 + 24% of excess over $84.200 Over $160,725 but not over S204,100 $32.748.5 + 32of excess over $160,725 Over S204.100 but not over S510,300 $46,628.5 + 35% of excess over S204.100 S153,795+37% of excess over 510,300 Over $310,300 Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200 18,350 12,200