Rate on Taxable Income 10% 12 22 24 32 35 37 Single Taxpayers Up to $9,950 $9,951-$40,525 $40,526-$86,375 $86,376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 + Married Taxpayers Filing Jointly Up to $19,900 $19,901-$81,050 $81,051-$172,750 $172,751-$329,850 $329,851-$418,850 $418,851-$628,300 $628,301 + Heads of Household Up to $14,200 $14,201-$54,200 $54,201-$86,350 $86,351-$164,900 $164,901-$209,400 $209,401-$523,600 $523,601 +
Rate on Taxable Income 10% 12 22 24 32 35 37 Single Taxpayers Up to $9,950 $9,951-$40,525 $40,526-$86,375 $86,376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 + Married Taxpayers Filing Jointly Up to $19,900 $19,901-$81,050 $81,051-$172,750 $172,751-$329,850 $329,851-$418,850 $418,851-$628,300 $628,301 + Heads of Household Up to $14,200 $14,201-$54,200 $54,201-$86,350 $86,351-$164,900 $164,901-$209,400 $209,401-$523,600 $523,601 +
Rate on Taxable Income 10% 12 22 24 32 35 37 Single Taxpayers Up to $9,950 $9,951-$40,525 $40,526-$86,375 $86,376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 + Married Taxpayers Filing Jointly Up to $19,900 $19,901-$81,050 $81,051-$172,750 $172,751-$329,850 $329,851-$418,850 $418,851-$628,300 $628,301 + Heads of Household Up to $14,200 $14,201-$54,200 $54,201-$86,350 $86,351-$164,900 $164,901-$209,400 $209,401-$523,600 $523,601 +
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 $3,000, and also opened up an IRA, to which she contributed $400 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $1,950 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,900, 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 2021 tax rates.
I put in these values, but I feel that i am wrong... Help needed
Transcribed Image Text:Rate on Taxable
Income
10%
224257
12
22
24
32
35
N بیا بیا بیا
37
Single Taxpayers
Up to $9,950
$9,951-$40,525
$40,526-$86,375
$86,376-$164,925
$164,926-$209,425
$209,426-$523,600
$523,601 +
Married Taxpayers Filing
Jointly
Up to $19,900
$19,901-$81,050
$81,051-$172,750
$172,751-$329,850
$329,851-$418,850
$418,851-$628,300
$628,301 +
Heads of Household
Up to $14, 200
$14,201-$54,200
$54,201-$86,350
$86,351-$164,900
$164,901-$209,400
$209,401-$523,600
$523,601 +
Transcribed Image Text: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
Monthly Expenses:
$2,600 Rent obligation
$7,800 Utilities
$170 Food
$4,800 Gas/maintenance
$120 Credit card payment
$440 Savings allocation:
$400 Regular savings (monthly)
$3,900 Rainy day savings (monthly)
Entertainment:
$11,700 Cake decorating class
$0 Movies with friends
$40
$3,000
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 2021 amounts) or Itemized deductions (whichever
total is larger)
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 miscellaneous expenses (exceeding 2% of AGI)
Total itemized deductions
Larger of standard or itemized deductions
Less personal exemptions
Equals taxable income
Estimated tax
Less tax credits
Plus other taxes
Equals total tax liability
Less estimated withholding and payments
Equals tax due (or refund)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
36,290
400
35,890
12,550
0
0
0
0
0
0
0
12,550
4,050
19,290
2,602
0
0
2,602
0
2,602
$320
$180
$175
$155
$0
$190
$35
$20
$40
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