Financial Planning Exercise 2 Estimating taxable income, tax liability, and potential refund Charlotte Taylor is 24 years old and single, lives in an apartment, and has no dependents. Last year (2018) she earned $47,500 as a sales assistant for Office Fumiture Rentals; $6,990 of her wages was withheld for federal income taxes. In addition, she had interest income of $222. The standard deduction in 2018 was $12,000 for single. Note that personal exemptions were suspended for 2018 . Refer to Exhibit 3.3 for the appropriate tax rate schedule. a. Estimate her taxable income. 5 b. Estimate her tax liability. Round the answer to the nearest cent. Use unrounded values in later calculations. (Hint: Use the tax rate schedules given in Exhibit 3.3 to determine her tax liability, ) Estimate her tax refund or tax owed. Enter tax owed, if any, as negative amount. Round the answer to the nearest cent