eric has assembled the following information for the current tax year: earnings from wages 42,590, interest earned on saving 125, ira deduction 2,000, checking account 65.00, three exemptions at 2,750,current standard deduction for filing status 6,350, amount withheld for federal income tax 3,178, tax credit for child care 400, filing status: head of household; what are eric’s major financial concerns in his current situation? In what ways might eric improve his tax planning efforts? calculate the following: what is eric’s taxable income? what is his total tax liability? what is his average tax rate? based on his withholding will eric receive a refund or owe additional tax? what is the amount? did not match with any Web results.