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3. PART II PROBLEMS OR SENARIOS (60 Points) 1. Two Accounting Methods are recognized by IRS. Name them here: a, b. c. How does each method affect your taxable income? Briefly describe it. 2. Two types of Deductions are allowed: Standard Deductions and Itemized Deductions. What is the amount for Standard Deduction for the individual with one dependent child, in this year's tax law, if the taxpayer has an income of $12,000.00. 3. Suppose your mother and father are in old peoples' home receiving very good care in 2018. Their annual bill for their accommodation and feeding is $18,000.00. You supported them with a payment of $16,000.00 for their upkeep. Your parents had a total Social Security Income and other Income totaling $40,000. Required: Can you claim your parents based on the level of your support? Yes or No. If YES, explain your answer. a. B. If your answer is No, explain your answer. C. How can you ensure that you have no doubts in subsequent years? Explain your