please help me calculate!!

1. (3 points total) Tax deduction and tax credits. a (1 point) What is a tax deduction? b. (1point) What is a tax credit? c. (1 points) Would you rather have a $5,000 deduction or a $5,000 credit? 2. (1 points) What is the primary Federal tax form used by farmers regarding their profits and losses? 3. (2 points) Name two types of taxes we pay in the U.S. discussed by Larry Borton + 4. Please use the following 2020 tax brackets to answer parts a b. (9 points total) 2020 Tax Rates, Single Individual Taxable income Tax Payable SO $9.875 10% of TI 59,875 $40.125 $987.50 12% of (TI- 9.875 $40.125 585,525 $4,617.50 22% of (TI- 40,125 ) 585,525 $163,300 $14,605.50 + 24% of (TI- 85,525 ) S163,300 $207,350 $33,271.50 + 32% of (TI - 163,300) $207,350 $518,400 $47.367.50 + 35% of (TI - 207,350) $518,400 Infinity $156,235.00 + 37% of (TI - 518,400) + 2. Assume that Caitlin has a taxable income of $500,000. What is her tax bill? (4 points) b. Would Caitlin prefer to get an additional tax deduction of $100,000 or an additional tax credit of $35,000? (5 points)