John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. Assume the Fergusons did not receive an advance payment for the 2022 individual recovery credit because they are not eligible for the credit. Use Exhibit 8-10 Child and Dependent Care Credit Percentages, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Exhibit 8-5 - 2022 AMT Exemptions as follows for reference: The Fergusons reported making the following payments during the year: - State income taxes of $4,400. Federal tax withholding of $21,000. - Alimony payments to John's former wife of $10,000 (divorced 12/31/2011). - Child support payments for John's child with his former wife of $4,100. - \$12,200 of real property taxes. - Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. - $3,600 to Kid Care day care center for Samantha's care while John and Sandy worked. - \$14,000 interest on their home mortgage (\$400,000 acquisition debt). - \$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car. - $15,000 cash charitable contributions to qualified charities. - Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000. For this milestone review, the Module 8: Portfolio Project instructions, determine all items that will be included-in and excludedfrom Gross Income on Ferguson's 1040 Form. In an Excel spreadsheet, list all items includedin and excluded-from gross income in the Description column. In the Explanation column, describe why the item is either included-in or excluded-from gross income. Requirements: In a Word document, explain and compare the Internal Revenue Code (IRC) concepts - gross income, adjusted gross income, above-the-line deductions, and below-the-line deductions. Refer to 26 U.S. Codes 61, 62, and 63 to support your analysis and explanation. You may reference the specific tax law, the text (make sure you include the page number), or a link to another trusted source. A trusted source is either supported by the IRS or academic literature (including textbooks) under which tax law for the year 2022 is applicable. The CSU