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 $3,500, and also opened up an IRA, to which she contributed $200 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $2,450 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $3,900, 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 ($12,550). 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: Monthly Expenses: Checking account $3,300 Rent obligation $370 Savings account $8,800 (Interest earned last year) $220 Food Emergency fund savings account $5,800 Utilities Gas/maintenance $230 $225 $205 (Interest earned last year) $105 Credit card payment $0 IRA balance $540 Savings allocation: (Contribution made last year) $200 Regular savings (monthly) $195 Car $4,900 Rainy day savings (monthly) $45 Liabilities: Entertainment: Student loan $12,700 Cake decorating class $70 Credit card balance $0 Movies with friends $90 (Interest paid last year) $90 Income: Gross monthly salary $3,500 Estimated Income Tax Answer is not complete. Gross income (wages, salary, investment income, and other ordinary income) Less adjustments to income (see current tax regulations) 39,925 Equals adjusted gross income 39,925 Less standard deduction Itemized deductions (whichever total is larger) Medical expenses (exceeding 10% of AGI) State/local income and property taxes 0 0 Mortgage, home equity loan interest 0 Contributions $ 0 Casualty and theft losses 0 Moving, job-related, and miscellaneous expenses (exceeding 2% of AGI) $ 0 Total itemized deductions $ 0 Standard deduction $ 0 Equals taxable income $ 39,925 Estimated tax Less tax credits 0 Plus other taxes $ 0 Equals total tax liability $ 0 Less estimated withholding and payments $ 0 Equals tax due (or refund) $ 0