a Question 1 - Topic 3 Contin eamasons\": 555 Apps M Grna'l Calenda Scholarships School Social Media Entertainment Random Work Topic 3 Continuing CaselStatic) 0 Sound Help Save 3. Exit Submit Jamie Lee Jackson. age 26, is in her last semester of college and is waiting for graduation day that isjust around the comer! It is the time of year again when Jamie Lee mustlile 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 gi 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 acoount after paying off her credit card balance. 20 Points 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. 2015! Tax Rates. 2309K Current Financial Situation Wm Ass-u: Momm Expenses: Hagen\"; Checking account 52.250 Rent obllgatlon $275 Savings account $6.900 Utllltles $135 (Interest earned last year) $125 Food 5130 32:33\")! fund savings 53.900 Gasrmalntenance 5110 (Interest earned last year) 575 Credit card payment $0 IRA balance $350 savings allocation: (Contribution made last year] 5300 Regular savings (monthly) 3175 Car $3.000 Rainy day savings (monthly) $25 Liabilities: Entertainment: Student loan $10,800 (Lake decorating class $35 Credit card balance $0 Movies with friends 550 (Interest paid last year} 555 Income: Gross monthly salary $2.550 Brett 1 of 1 Next 6 FIN-210 Class Resources X Question 1 - Topic 3 Continuing X 2018_Tax_Rates.jpg (1068x49 x * Homework Help - Q&A from Or x + > C D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.m.. (D :: Apps M Gmail 20 Calendar Scholarships School Social Media Entertainment Random Work Topic 3 Continuing Case(Static) Saved Help Save & Exit Submit 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 $ 20 Less standard deduction (use 2018 amounts) points or Itemized deductions (whichever total is larger) eBook Medical expenses (exceeding 10% of AGI) Print State/local income and property taxes Mortgage, home equity loan interest References Contributions Casualty and theft losses Moving, job-related, and miscellaneous expenses (exceeding 2% of AGI) Total itemized deductions $ 0 Larger of standard or itemized deductions $ Equals taxable income $ Estimated tax (based on 2018 tax rates) Less tax credits Plus other taxes Equals total tax liability $ Less estimated withholding and payments Equals tax due (or refund) $ Mc Graw K FIN-210 Class Resources X Question 1 - Topic 3 Continuing x 5 2018_Tax_Rates.jpg (1068x49 x *Homework Help - Q&A from Or x + C D ezto-cf-media.mheducation.com/Media/Connect_Production/bne/finance/kapoor_13e/2018_Tax_Rates.jpg & G # 4 TP Apps M Gmail 20] Calendar Scholarships School Social Media Entertainment Random Work TAX RATES Use your taxable income in conjunction with the appropriate tax table or tax schedule. For several years previous to 1987, there were 14 tax rates, ranging from 11 to 50 percent. For 2018, the seven-rate system for federal income tax was as follows: Married Single Taxpayers Rate on Taxable Income Taxpayers Filing Jointly Head of Households 10% Up to $9,525 Up to $19,050 Up to $13,600 12 $9,525-$38,700 $19,050-$77,400 $13,600-$51,800 22 $38,700-$82,500 $77,400-$165,000 $51,800-$82,500 24 $82,500-$157,500 $165,000-$315,000 $82,500-$157,500 33 $157,500-$200,000 $315,000-$400,000 $157,500-$200,000 35 $200,000-$500,000 $400,000-$600,000 $200,000-$500,000 37 $500,000 + $600,000 + $500,000+