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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 $$3,550,$ and also opened up an IRA, to which she contributed $$250$ last year. Her savings accounts earn $2\%$ interest per year, and she also had received an unexpected $$2,500$ gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $$4,000,$ 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.

Current Financial Situation

Assets: Monthly Expenses:

Checking account $$3,300$ Rent obligation $$375$

Savings account $$8,900$ Utilities $$235$

$($Interest earned last year$)$ $$225$ Food $$230$

Emergency fund savings account $$5,900$ Gas$/$maintenance $$210$

$($Interest earned last year$)$ $$110$ Credit card payment $$0$

IRA balance $$550$ Savings allocation:

$($Contribution made last year$)$ $$250$ Regular savings $($monthly$)$ $$200$

Car $$5,000$ Rainy day savings $($monthly$)$ $$50$

Liabilities: Entertainment:

Student loan $$12,800$ Cake decorating class $$75$

Credit card balance $$0$ Movies with friends $$95$

$($Interest paid last year$)$ $$95$

Income:

Gross monthly salary $$3,550$

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