Estimate Jamie Lee’s current tax liability by completing the form below.

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 $3,100, and also opened up an IRA, to which she contributed $500 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $2,050 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $3,100, 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 2017 tax rates.

 

Current Financial Situation

Assets: Monthly Expenses:
Checking account $2,600 Rent obligation $330
Savings account $8,000 Utilities $190
(Interest earned last year) $180 Food $185
Emergency fund savings account $5,000 Gas/maintenance $165
(Interest earned last year) $65 Credit card payment $0
IRA balance $460 Savings allocation:
(Contribution made last year) $500 Regular savings (monthly) $200
Car $4,100 Rainy day savings (monthly) $45
Liabilities: Entertainment:
Student loan $11,900 Cake decorating class $30
Credit card balance $0 Movies with friends $50
(Interest paid last year) $50
Income:
Gross monthly salary $3,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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