Analysis 1. Use the template below to estimate your federal income tax liability based on the current tax regulations and rates (see IRS link on Blackboard) Analysis should leverage financial and career goals, as analyzed in the other Personal Life Map worksheets in this course. Provide any assumptions in space provided. The website to use is https://www.irs.gov/forms-instructions. Please fill out the boxes below.

Select (x) one of the following as your Filing Status: Single Married, Filing Joint Return x Married, Filing Separate Return Head of Household Qualifying Widow(er) with Dependent Child I am filing jointly. The only amounts that I could fill out were salary 73000 I dont know interest rate dividend was 2721 and not sure what long term and short term capital gains are but i put in 642 in short term. standard deduction i had 12600 medical expenses wasnt sure but i had 1000 deductible medical expenses i had 500 I dont know what state income tax, real estate tax, interest expenses, charitable contributions, and total itemized deductibles were left them all blank. I left long term capital gain and tax rate your total tax liability blank.

Your status will determine how you compute your taxes. Gross Income Computation: Assumptions: Salary (After Retirement Contribution) Interest Income Dividend Income Long-term Capital Gains Short-term Capital Gains Gross Income Standard Deduction Itemized Deductions Medical Expenses Minus 10% Adjusted Gross Income Deductible Medical Expenses State Income Taxes Real Estate Taxes Interest Expense Charitable Contributions Total Itemized Deductions Enter the larger of the Total Itemized Deductions or Standard Deduction Exemptions $4,000 X (number of exemptions) Taxable Income (Gross Income Deductions and Exemptions) Tax Liability Capital Gains Tax Long-term Capital Gains Long-term Capital Gains Tax Rate Capital Gains Tax Your Total Tax Liability (capital gains tax plus tax liability) DECISIONS 1. Describe the actions you will take (i.e., increasing deductions or reducing gross income) to achieve tax savings in the present year. 2. Describe the means by which you will reduce your tax liability (i.e., increasing deductions or reducing gross income) in the future.