earning Outcomes: Upon completion students will be able to: Use technology to analyze and interpret elements of personal finance Introduction: The lab activity provides an opportunity to determine federal income tax. Federal income taxes are a percentage of your taxable income, which is based on your earning in the calendar year. When the year is over, you have until April 15th to file your tax return. You have been hired to determine the income tax owed by Jake and Anna Green. They are a married couple with 3 dependent children. They decided to file their taxes jointly this year and had a combined gross income of. $105,000. They had an adjustment of $800 and tax credits of $4000. They give you an itemize list of their deductions that include mortgage interest of $7,500, charitable contributions of $1500, student loan interest of $2,500, and property taxes of $1450. Directions: Please answer all questions using the scratch paper provided. 1.) What is Jake and Anna Green's adjusted gross income? (15 points) What is Jake and Anna Green's taxable income? (15 points) What is Jake and Anna Green's income tax owed for the year? ( 40 points) 4.) Each month Jake and Anna Green together withheld S1,245 per month from their paycheck in federal taxes. How much did they withhold for the year? (15 points) 5.) Please bespecific and address each question in complete sentences. (15 points) a) Did Jack and Anna Green withhold enough per month from their check to cover the income tax owed for the year? b) Will the Green's owe additional federal income taxes or will they get a federal income tax refund? c) How much will they owe or how much will be refunded to them