Estimated Income Tax Gross income (wages, salary, investment income, and other ordinary income) Less adjustments to...

Transcribed Image Text:

Estimated Income Tax Gross income (wages, salary, investment income, and other ordinary income) Less adjustments to income (see current tax regulations) Equals adjusted gross income Less standard deduction (use 2016 amounts) or Itemized deductions (whichever total is larger) Itemized deductions (if using) Medical expenses (exceeding 10% of AGI) State/local income and property taxes Mortgage, home equity loan interest Contributions Casualty and theft losses Moving, job-related, and miscellaneaous expenses (exceeding 2% of AGI) Total itemized deductions Larger of standard or itemized deductions Less personal exemptions Equals taxable income Estimated tax Less tax credits Plus other taxes Equals total tax liability Less estimated withholding and payments Equals tax due (or refund) 0 0 0 0 0 0 Estimated Income Tax Gross income (wages, salary, investment income, and other ordinary income) Less adjustments to income (see current tax regulations) Equals adjusted gross income Less standard deduction (use 2016 amounts) or Itemized deductions (whichever total is larger) Itemized deductions (if using) Medical expenses (exceeding 10% of AGI) State/local income and property taxes Mortgage, home equity loan interest Contributions Casualty and theft losses Moving, job-related, and miscellaneaous expenses (exceeding 2% of AGI) Total itemized deductions Larger of standard or itemized deductions Less personal exemptions Equals taxable income Estimated tax Less tax credits Plus other taxes Equals total tax liability Less estimated withholding and payments Equals tax due (or refund) 0 0 0 0 0 0

Answer rating: 100% (QA)

The question involves calculating Jamie Lee Jacksons estimated income tax for the year using the information provided To estimate her current tax liab... View the full answer