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 $3,300, and also opened up an IRA, to which she contributed $350 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $2,250 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $3,500, 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 2017 tax rates. Current Financial Situation Assets: Checking account Savings account (Interest earned last year) Energency 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: $2,950 Rent obligation $8,480 Utilities $200 Food $5,400 Gas/maintenance $85 Credit card payment $500 Savings allocation: $350 Regular savings (monthly) $4,500 Rainy day savings (monthly) Entertainment: $12,300 Cake decorating class se Movies with friends $70 $3,300 $350 $210 $285 $185 $175 $25 $50 $78 Answer is not complete. Estimated Income Tax Gross income (wages, salary, investment income, and other ordinary income) $ 3,300 Less adjustments to income (see current tax regulations) Equals adjusted gross income S 3,300 Less standard deduction (use 2016 amounts) or temized deductions (whichever total is larger) $ 6,300- Itemized deductions (whichever total is larger) Medical expenses (exceeding 10% of AGI) State/local income and property taxes Mortgage, home equity loan interest $ 3500 Contributions $ 350 Casualty and theft losses $ Moving, job-related, and miscellaneaous expenses (exceeding 2% of $ 120 AGI) Total itemized deductions 120 Larger of standard or itemized deductions $ 6.300 Less personal exemptions Equals taxable income Estimated tax Less tax credits $ (2.000) Plus other taxes Equals total tax Bability Less estimated withholding and payments Equals tax due (or refund) 0