Itemized deductions (whichever total is larger)

- What are the contributions?

- What are the casualty and theft losses?

- What are the moving, job-related, and miscellaneous expenses (exceeding 2% of AGI)?

Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! 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 $2,800, and also opened up an IRA, to which she contributed $200 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $1,750 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,500, 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 2016 tax rates. Current Financial Situation Assets: Checking account Savings account (Interest earned last year) Emergency fund savings account (Interest earned last year) IRA balance (Contribution made last year) Car Liabilities: Student loan Credit card balance. (Interest paid last year) Income: Gross monthly salary Monthly Expenses: $2,600 Rent obligation $7,400 Utilities $150 Food $4,400 Gas/maintenance $100 Credit card payment $400 Savings allocation: $200 Regular savings (monthly) $3,500 Rainy day savings (monthly). Entertainment: $11,300 Cake decorating class $0 Movies with friends $80 $2,800 $300 $160 $155 $135 $0 $170 $50 $55 $75