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Business
Accounting
Rate on Taxable Income 10% 12 22 24 32 35 37 www~~O 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 www~~O 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 +

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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Not too sure what values go in the blanks here nor how to calculate. help wanted

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: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 +
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 "O" for any unused categories. Use 2021 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 Itemized deductions (whichever total is larger) Medical expenses (exceeding 10% of AGI) State/local income and property taxes Mortgage, home equity loan interest Contributions 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: 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) $11,700 Cake decorating class $0 Movies with friends $40 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) $3,000 Casualty and theft losses Moving, job-related, and miscellaneous expenses (exceeding 2% of AGI) Total itemized deductions $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 36,000 36,000 6,300 0 0 0 0 0 0 0 6,300 4,050 25,650 0 0 0 0 $320 $180 $175 $155 $0 $190 $35 $20 $40
Transcribed Image Text: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 "O" for any unused categories. Use 2021 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 Itemized deductions (whichever total is larger) Medical expenses (exceeding 10% of AGI) State/local income and property taxes Mortgage, home equity loan interest Contributions 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: 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) $11,700 Cake decorating class $0 Movies with friends $40 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) $3,000 Casualty and theft losses Moving, job-related, and miscellaneous expenses (exceeding 2% of AGI) Total itemized deductions $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 36,000 36,000 6,300 0 0 0 0 0 0 0 6,300 4,050 25,650 0 0 0 0 $320 $180 $175 $155 $0 $190 $35 $20 $40
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