Problem 1: Craig is a 35-year-old single taxpayer with no dependents. Craig has no tax credits and had $10,000 of federal income tax withheld from his paychecks. Other information needed to prepare Craig's 2019 individual income tax returm is as follows: $ 73,000 (8,000) Salary (the salary is Craig's only income for 2019) Interest paid on student loan Interest paid on student loans is a for AGI "above-the-line" deduction, but it is subject to limits relevant to this problem. (See chapter 6) Total itemized deductions (10,000) Calculate Craig's: 1 Total Income Adjusted Gross Income Taxable Income 2. 3. 4. Tax 5. Taxes due or refund Problem 2: Abe and Betty are married and file a joint income tax return. Abe is 67 years old and Betty is 58 years old. Abe and Betty have no dependents. Abe and Betty have no tax credits and had $25,000 of federal income tax withheld from their paychecks. Other information needed to prepare Abe and Betty's 2019 individual income tax return is as follows: $ 65,000 Abe's Salary Betty's Salary Interest received on savings account Interest received on State of Tennessee bond Total Itemized Deductions 85,000 2,000 3,000 25,000 Calculate Abe and Betty's: Total income 2. Adjusted gross income 3. Taxable income 4. Tax S. Taxes due or refund 6. Marginal tax rate 7. Average tax rate 8. Effective tax rate