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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 $2,550, and also opened up an IRA, to which she contributed $300 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $1,500 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,000, 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 the 2018 values for standard deduction ($12,000). Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories, 2018 Tax Rates. 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 $2,250 $6,900 $125 $3,900 $75 $350 $300 $3,000 $10,800 SO $55 $2,550 Monthly Expenses: Rent obligation Utilities Food Gas/maintenance Credit card payment Savings allocation: Regular savings (monthly) Rainy day savings (monthly) Entertainment: Cake decorating class Movies with friends $275 $135 $130 $110 SO $175 $25 $35 $50

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 $2,550, and also opened up an IRA, to which she contributed $300 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $1,500 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,000, 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 the 2018 values for standard deduction ($12,000). Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories, 2018 Tax Rates. 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 $2,250 $6,900 $125 $3,900 $75 $350 $300 $3,000 $10,800 SO $55 $2,550 Monthly Expenses: Rent obligation Utilities Food Gas/maintenance Credit card payment Savings allocation: Regular savings (monthly) Rainy day savings (monthly) Entertainment: Cake decorating class Movies with friends $275 $135 $130 $110 SO $175 $25 $35 $50

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Continuing Case 20. Income Tax Estimation 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 $2,550, and also opened up an IRA, to which she contributed $300 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $1,500 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,000, 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 the 2018 values for standard deduction ($12,000). Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories. 2018 Tax Rates. 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 $2,250 $6,900 $125 $3,900 $75 $350 $300 $3,000 $10,800 SO $55 $2,550 Monthly Expenses: Rent obligation Utilities Food $275 $135 Cake decorating class Movies with friends $130 $110 Gas/maintenance Credit card payment Savings allocation: Regular savings (monthly) $175 Rainy day savings (monthly) $25 Entertainment: $O $35 $50
Transcribed Image Text:Continuing Case 20. Income Tax Estimation 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 $2,550, and also opened up an IRA, to which she contributed $300 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $1,500 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,000, 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 the 2018 values for standard deduction ($12,000). Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories. 2018 Tax Rates. 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 $2,250 $6,900 $125 $3,900 $75 $350 $300 $3,000 $10,800 SO $55 $2,550 Monthly Expenses: Rent obligation Utilities Food $275 $135 Cake decorating class Movies with friends $130 $110 Gas/maintenance Credit card payment Savings allocation: Regular savings (monthly) $175 Rainy day savings (monthly) $25 Entertainment: $O $35 $50
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