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 $$3,200,$ and also opened up an IRA, to which she contributed $$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 $"0"$ for any unused categories. Use $2016$ tax rates.

Current Financial Situation

Assets:

Checking account $$2,950$

Savings account $$8,200$

$($Interest earned last year$)$ $$190$

Emergency fund savings account $$5,200$

$($Interest earned last year$)$ $$75$

IRA balance $$480$

$($Contribution made last year$)$ $$250$

Car $$4,300$

Liabilities:

Student loan $$12,100$

Credit card balance $$0$

$($Interest paid last year$)$ $$60$

Income:

Gross monthly salary $$3,200$

Monthly Expenses:

Rent obligation $$340$

Utilities $$200$

Food $$195$

Gas$/$maintenance $$175$

Credit card payment $$0$

Savings allocation:

Regular savings $($monthly$)$ $$165$

Rainy day savings $($monthly$)$ $$55$

Entertainment:

Cake decorating class $$40$

Movies with friends $$60$

Use the above information to solve the following info:

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 $($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$=$

Estimated tax$=$

Less tax credits$=$

Plus other taxes$=$

Equals total tax liability$=$

Less estimated withholding and payments$=$

Equals tax due $($or refund$)=$