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Continuing Case 9. Income Tax Estimation Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just arou is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an salary from the bakery, which brought her gross monthly earnings to $2,700, and also opened up an IRA, to w contributed $450 last year. Her savings accounts earn 2% interest per year, and she also had received an une gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,300, most of which w 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 exemption ($4,050). Each answer must have a value for the assignment to be complete. Enter "O" for any unus Use 2017 tax rates. Current Financial Situation Assets: Monthly Expenses: Rent obligation $2,250 $290 $7,200 Utilities $150 Checking account Savings account (Interest earned last year) Emergency fund savings account (Interest earned last year) $140 Food $145 $4,200 Gas/maintenance $125 $90 Credit card payment $0 IRA balance $380 Savings allocation: (Contribution made last year) $450 $160 Regular savings (monthly) Rainy day savings (monthly) Car $3,300 $40 Liabilities: Entertainment: Student loan $11,100 $45 Cake decorating class Movies with friends Credit card balance $0 $65 (Interest paid last year) $70 Income: Gross monthly salary $2,700 Estimated Income Tax 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) $ 0 or 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 $ 0 $ 0 $ 0 Estimated tax Less tax credits Plus other taxes Equals total tax liability Less estimated withholding and payments $ 0