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 $3,350, 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 $2,300 gift from her great aunt. jamie was also lucky enough last year to win a raffle prize of $3,600, most of which was deposited into her regular savings account after paying off her credit card balance

Continuation of the question: Estimate Jamie Lee's current tax liability by completing the form below. Use the 2016 values for 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

Solution:

Calculation of Gross Income

Particulars Amount

Salary $37,800

($3,150 * 12 month)

Interest Income from $210

Saving Accounts

($160+$50)

Raffle Prize Winnings $3,200

Total Gross Income $41,210