Chapter 3 Criticat Thinking Case 2 Jullan Thomas: Waiter or Tax Expert? Julion Thomas, who is single, goes to graduste school part-time and works as a walter at the Bay Grit in San Francisco, During 2018, his gross income was 520,500 in wages and tips. He has decided to prepare his own tax return because he cannot afford the services of a tax expert. Aftor preparing his return, he corries to you for advice. Here's a summary of the figures he has prepared thus far: Jualen bebeves that if an individuar's incame falls below $23,000, the federal government considers him or her 'peor" and allows both itemized deductions and a standard 1. Calculate Jutian Tomas' taxoble income. Assume that the standord deduction for a single taxpayer is \$12,000. Note that personel exemptoons were suspended tor 2018 . 2. Discuss Julian's errors in interpreting the tax laws, and explain the dafference between itemized deductions and the standard deduction. The input in the box below wit not be graded, but may be reviewed and considered by your instructor. 3. Jutaan has been doting Elizabeth Moore for nearly 4 years, and they are seriously thinking about getting married. Elizabeth has incorne that is identicai to Julian's. How much tax would they pay as a married couple (using the filing status of married filing jointly and a standard deduction of 524,000 ) versus the total amount the two would pay os single persons (each using the nling status of single)? Round the answers to the nearest cent. (Use Exhibit 3.3 .) Total tax liability (as a married couple filing jointly): $ Total tax liabuity (as single persons): 5 Strictly from a tax perspective, does it make any difference whether Julian and Joe stay single or get married? Explain. The input in the box below will not be graded, but may be reviewed and considered by your instructor