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Study the basic individual income tax calculation presented in Chapter 3 . Calculate: Adjusted Gross Income, Taxable Income, and Net Tax Due or Refund (assuming no prepayments were made) for the following taxpayers using the 2022Tax Schedule and other information in the front and back of the book. Show your work for full credit. Nancy Filing Status: Single Gross Income: $15,000 Deductions for Adjusted Gross Income: $1,000 Itemized deductions: $5,000 Personal and Dependency exemptions 1 Age 23 Credits: $350 nonrefundable Jane Filing Status: Single Gross Income: $15,000 Deductions for Adjusted Gross Income: 0 Itemized deductions: $6,000 Personal and Dependency exemptions 1 Age 26 Credits: $350 refundable Compare Nancy and Jane: 1) Would you rather have a Deduction for AGI or an Itemized Deduction? Why? 2) Would you rather have a nonrefundable or a refundable credit? Why? Study the basic individual income tax calculation presented in Chapter 3 . Calculate: Adjusted Gross Income, Taxable Income, and Net Tax Due or Refund (assuming no prepayments were made) for the following taxpayers using the 2022Tax Schedule and other information in the front and back of the book. Show your work for full credit. Nancy Filing Status: Single Gross Income: $15,000 Deductions for Adjusted Gross Income: $1,000 Itemized deductions: $5,000 Personal and Dependency exemptions 1 Age 23 Credits: $350 nonrefundable Jane Filing Status: Single Gross Income: $15,000 Deductions for Adjusted Gross Income: 0 Itemized deductions: $6,000 Personal and Dependency exemptions 1 Age 26 Credits: $350 refundable Compare Nancy and Jane: 1) Would you rather have a Deduction for AGI or an Itemized Deduction? Why? 2) Would you rather have a nonrefundable or a refundable credit? Why

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