Requirements

Apply the steps prescribed in the tax law to determine tax lilability by addressing the following

a$.$ Determine the amount of Gross Income and Adjusted Gross income and show all of your work. If any income amount should be excluded, provide an explanation as to why.

b$.$ Dilferentiate between the standiard and itemized deductions by providing an explanation of each. Next, compute the ameunt of Itemized Deductions and show all of your wark. Compare this amount $10$ the standard Deduction provided in the table above. Determine the apprepriate application of thls concept by deciding en the amount to be utilized $-$ Itemized Deductions or Standard Deduction, Sunport your decisian.

f$.$ Determine Taxable Income utilizing information from the first two requirements and show all ol your work:

d$.$ Dased on the Taxable Income computed in the previous requirement, use the above Tax Table to determine the amount of income Tax. Explain how you found the number in the Table,

e$.$ Determine the amount of Tax Refund or Tax Owed and show all of your work.

Discuss three key income tax planning strategies designed to reduce income tax liability that you could utilize for next year, It is assumed that you do not currently practice any type of income lax planning so you can "Inink outside of the box" when answering this question.