You must show all of your calculations for the questions below; you will not receive credit if you just provide an answer from an online tax calculator. Also, you must provide a written explanation of your answer where necessary. Please review all of the course materials regarding taxes before you begin. Good luck! You will need to reference the Tax Cuts and Jobs Act of 2017 to solve the questions in this assignment. The questions below also rely on the following assumptions: You file your taxes as a single filer. Your only taxable source of income is wage income. In 2017 you earned $100,000 of gross wage income. In 2017 you claimed one personal exemption. In 2017 you claimed itemized deductions of $10,000. D 1. Calculate the amount of federal income tax you owed on your 2017 income using the brackets and income under the previous tax law. (Hint: Make sure to account for exemption and deductions.) Enter answer... D 2. Calculate the amount of federal income tax you would have owed on your 2017 income using the brackets and income under the new tax law. (Hint: make sure to adjust for changes in personal exemption and deductions.) Enter answer... D 3. Calculate the effective tax rate under the previous law given your answer to question 1 and also under the new tax law. Analyze at least two factors that caused the effective tax rate to change. Explain your answer. Enter answer... You must show all of your calculations for the questions below; you will not receive credit if you just provide an answer from an online tax calculator. Also, you must provide a written explanation of your answer where necessary. Please review all of the course materials regarding taxes before you begin. Good luck! You will need to reference the Tax Cuts and Jobs Act of 2017 to solve the questions in this assignment. The questions below also rely on the following assumptions: You file your taxes as a single filer. Your only taxable source of income is wage income. In 2017 you earned $100,000 of gross wage income. In 2017 you claimed one personal exemption. In 2017 you claimed itemized deductions of $10,000. D 1. Calculate the amount of federal income tax you owed on your 2017 income using the brackets and income under the previous tax law. (Hint: Make sure to account for exemption and deductions.) Enter answer... D 2. Calculate the amount of federal income tax you would have owed on your 2017 income using the brackets and income under the new tax law. (Hint: make sure to adjust for changes in personal exemption and deductions.) Enter answer... D 3. Calculate the effective tax rate under the previous law given your answer to question 1 and also under the new tax law. Analyze at least two factors that caused the effective tax rate to change. Explain your answer. Enter