Please answer the questions below.

Requirements 1. Apply the steps prescribed in the tax law to determine tax liability 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. Differentiate between the standard and itemized deductions by providing an explanation of each, Next, compute the amount of Itemized Deductions and show all of your work. Compare this amount to the Standard Deduction provided in the table above. Determine the appropriate application of this concept by deciding on the amount to be utilized - Itemized Deductions or Standard Deduction. Support your decision. c. Determine Taxable Income utilizing information from the first two requirements and show all of your work. d. Based 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. , Determine the amount of Tax Refund or Tax Owed and show all of your work. 2. 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 tax planning, so you can "think outside of the box" when answering this