Eric has assembled the following information for the current tax year: Earnings from wages, $114,241 Interest earned on savings, $65 IRA deduction, $6,500 Checking account interest, $45 Current standard deduction for filing status, $18,350 Amount withheld for federal income tax, $8,825 Tax credit for child care, $1,200 Child tax credit, $4,000 Filing status: head of household Questions What are Erics major financial concerns in his current situation? In what ways might Eric improve his tax planning efforts? Calculate the following: What is Erics taxable income? (Refer to Exhibit 31.) What is his total tax liability? (Use tax table, Exhibit 35.) What is his average tax rate? Based on his withholding, will Eric receive a refund or owe additional tax? What is the amount?