ework Saved 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) 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 $ 0 S 0 $ Estimated tax Less tax credits Plus other taxes Equals total tax liability Less estimated withholding and payments Equals tax due (or refund) 0 Prev 1 of 1 browser launchurahttps%253A 2Fnewconnect 3 Homework Saved Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the comer! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $3,200, and also opened up an IRA, to which she contributed $250 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $2,150 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $3,300, most of which was deposited into her regular savings account after paying off her credit card balance. Estimate Jamie Lee's current tax liability by completing the form below. Use standard deduction ($6,300) and personal exemption ($4.050). Each answer must have a value for the assignment to be complete. Enter "O* for any unused categories. Use 2017 tax rates Current Financial Situation Assets: Monthly Expenses: Checking account $2,950 Rent obligation $340 Savings account $8.200 Utilities $200 interest earned last year) $190 Food $195 Emergency fund savings $5,200 Gas/maintenance $175 account (Interest earned last year) $75 Credit card payment $0 IRA balance $480 Savings allocation: Contribution made last year) $250 Regular savings (monthly $165 Car $4,300 Rainy day savings (monthly $55 Liabilities: Entertainment: Student loan $12,100 Cake decorating class $40 Credit card balance SO Movies with friends $60 Onterest paid last year) $60 Income: Gross monthly salary $3,200 Prev 1 of 1 Next ework Saved 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) 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 $ 0 S 0 $ Estimated tax Less tax credits Plus other taxes Equals total tax liability Less estimated withholding and payments Equals tax due (or refund) 0 Prev 1 of 1 browser launchurahttps%253A 2Fnewconnect 3 Homework Saved Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the comer! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $3,200, and also opened up an IRA, to which she contributed $250 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $2,150 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $3,300, most of which was deposited into her regular savings account after paying off her credit card balance. Estimate Jamie Lee's current tax liability by completing the form below. Use standard deduction ($6,300) and personal exemption ($4.050). Each answer must have a value for the assignment to be complete. Enter "O* for any unused categories. Use 2017 tax rates Current Financial Situation Assets: Monthly Expenses: Checking account $2,950 Rent obligation $340 Savings account $8.200 Utilities $200 interest earned last year) $190 Food $195 Emergency fund savings $5,200 Gas/maintenance $175 account (Interest earned last year) $75 Credit card payment $0 IRA balance $480 Savings allocation: Contribution made last year) $250 Regular savings (monthly $165 Car $4,300 Rainy day savings (monthly $55 Liabilities: Entertainment: Student loan $12,100 Cake decorating class $40 Credit card balance SO Movies with friends $60 Onterest paid last year) $60 Income: Gross monthly salary $3,200 Prev 1 of 1 Next