Assignment 4 (Chapter 6)ACCT 351/551Note: You MUST type your answers. If you would like the opportunity to earn partial credit, besure to show your work. You are free to round your answers in any way that you like.For the problems below (numbers 1 through 4), perform the following:A)Determine AGI.(6 points each question)B)Determine the itemized deduction amount.(6 points each question)C)Based on your findings in part (B), state whether the taxpayer(s) should itemize or take thestandard deduction. Use the 2017 standard deduction amounts from Appendix D.(6 pointseach question).D)Using the tax tables from Appendix D, determine theamount duein each scenario. If thetaxpayer(s) should receive a refund, CLEARY indicate that the amount you calculated is arefund. Assume that AMT does not apply and that there are no tax credits available. NOTETHAT THE AMOUNT DUE IS NOT THE SAME AS THE TOTAL TAX LIABILITY. Youmust factor in prepayments (withholdings). (7 points each question).1.Stacie and Ryan are married and file jointly for the 2017 tax year. They have two sons. Theirsons are age 10 and 14. Stacie and Ryan’s wages in total for the year was $133,000. Theiremployers withheld $18,000 in tax from their wages. In addition to the above, the following..