Victor and Maria Reduce Their Income Tax Liability The year before last, Victor earned $85,000 from his retail management position, and Maria began working full-time and earned $62,000 as a medical technician. After they took the standard deduction, their federal income tax liability was about $18,689. After being convinced by friends that they were paying too much in taxes, the couple vowed to try to never again pay that much. Therefore, the Hernandezes embarked on a yearlong effort to reduce their income tax liability. This year they tracked all of their possible itemized deductions, and both made contributions to retirement plans at their places of employment. (a) Calculate the Hernandezesincome tax liability for this year as a joint return (using Table 4-2) given the following information: gross salary income(Victor, $85,000; Maria, $62,000), state income tax refund ($400), interest on checking and savings accounts ($250), holiday bonus from Maria's employer ($1,000), and contributions to qualified retirement accounts ($5,500). DO IT IN CLASS (b) List five additional strategies that Victor and Maria might consider for next year's tax planning to reduce next year's tax liability. Victor and Maria Reduce Their Income Tax Liability The year before last, Victor earned $85,000 from his retail management position, and Maria began working full-time and earned $62,000 as a medical technician. After they took the standard deduction, their federal income tax liability was about $18,689. After being convinced by friends that they were paying too much in taxes, the couple vowed to try to never again pay that much. Therefore, the Hernandezes embarked on a yearlong effort to reduce their income tax liability. This year they tracked all of their possible itemized deductions, and both made contributions to retirement plans at their places of employment. (a) Calculate the Hernandezesincome tax liability for this year as a joint return (using Table 4-2) given the following information: gross salary income(Victor, $85,000; Maria, $62,000), state income tax refund ($400), interest on checking and savings accounts ($250), holiday bonus from Maria's employer ($1,000), and contributions to qualified retirement accounts ($5,500). DO IT IN CLASS (b) List five additional strategies that Victor and Maria might consider for next year's tax planning to reduce next year's tax liability