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In: AccountingIn your own words please answer the following, or some ofthem:5. How was the...In your own words please answer the following, or some ofthem:5. How was the income tax formula for individuals changed for2018 by the Tax Cuts and Jobs Act?6. Why are some deductions called“above the line” deductions and otherscalled“below the line” deductions? What is the“line”?7. For tax purposes, why is the married filing jointlytax status generally preferableto the married filing separately filing status? Whymight a married taxpayer prefer not tofile a joint return with the taxpayer’sspouse?8. What does it mean to say that a married couple filinga joint tax return has jointand several liability for the taxes associated with thereturn?