Question

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 $2,600, 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 $1,550 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,100, 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 "O" for any unused categories. Use 2017 tax rates $2,250 $7,000 $130 Monthly Expenses: Rent obligation Utilities Food $280 $140 $4,000 Gas/maintenance Current Financial Situation Assets: Checking account Savings account (Interest earned last year) Emergency 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 $80 $360 $350 $3,100 Credit card payment Savings allocation: Regular savings (monthly Rainy day savings (monthly Entertainment: Cake decorating class Movies with friends $30 $10,900 $0 $60 $55 $2.600

Answer 1

Estimate income tax 2500

He earned the amount he been returned by income tax on his equal benefit was 46000