Question 1 30 pts Jessie, age 53, is a single taxpayer. She earns a salary of $90,000. Her employer puts $5,000 into a qualified pension plan on her behalf and Jessie puts $7,000 in her pension plan. Her employer provides all employees with group-term life insurance equal to their salary ($90,000). Jessie put $2,000 in her flexible benefits plan. Her allowable deductions for AGI total $4,200 and she has $10,100 of allowable itemized deductions. In addition, Jessie received interest income of $1,700 from Payne County municipal bonds. Jessie won $2,200 of cash and prizes when she went on the TV show Wheel of Fortune. Jessie had the following capital gains and losses: LTCG $10,000, LTCL $4,000, and a STCL $4,000. Determine Jessie's taxable income according to the tax return formula and then calculate income tax liability. Please show all calculations, including your capital gain/loss calculation, (list each item separately rather than grouping items together). You must write all lines of the tax return formula and label each number to receive credit. (30 points) HTML Editore BIVA-AI E3 x 5 DCVB TT 12pt Paragraph - MacBook Air F DOO DOG F4 FS >Il FB A $ 4 % 5 1 6 8 9 0 2020 Capital Gains Rates Preferential Tax Rates MF) Single 0% 0-$80,000 $0-$40,000 15% $80,001 - $496,600 $40,001 - $441,450 20% $496,601+ $441,451+ er Single Taxpayer Tax Rate Schedule n- er If Taxable Income is Over But Not Over The Tax is of the Amount Over $0 $9,875 10% $o $9,876 40,125 $987.50 + 12% $9.875 40,126 85.525 4,617.50 - 22% 40,125 85,526 163.300 14.605.50 +24% 85,525 163,301 207.350 33.271.50 + 32% 163,300 207,351 518,400 47.367.50 + 35% 207,350 518.400 156,235 +37% 518,400 Uniform Premiums for $1,000 of Group-Term Life Insura Protection Uniform Premiums for $1,000 of Group-Term Life Insurance Protection Age Bracket Cost per $1,000 of Protection - annually Under 25 $0.60 25 to 29 .72 30 to 34 .96 35 to 39 1.08 40 to 44 1.20 45 to 49 1.80 50 to 54 2.76 55 to 59 5.16 60 to 64 7.92 65 to 69 15.24 70 and above 24.72 MacBook Air 80. F5