Not too sure what values go in the blanks here nor how to calculate. help wanted Rate on TaxableIncome10%2242571222243235N بیا بیا بیا37Single TaxpayersUp 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 FilingJointlyUp 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 HouseholdUp 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 thetime of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from thebakery, which brought her gross monthly earnings to $3,000, and also opened up an IRA, to which she contributed $400 last year. Hersavings accounts earn 2% interest per year, and she also had received an unexpected $1,950 gift from her great aunt. Jamie was alsolucky enough last year to win a raffle prize of $2,900, most of which was deposited into her regular savings account after paying offher 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 SituationAssets:Checking accountSavings account(Interest earned last year)Emergency fund savings account(Interest earned last year)IRA balance(Contribution made last year)CarLiabilities:Student loanCredit card balance(Interest paid last year)Income:Gross monthly salaryItemized deductions (whichever total is larger)Medical expenses (exceeding 10% of AGI)State/local income and property taxesMortgage, home equity loan interestContributionsMonthly 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 deductionsLess personal exemptionsEquals taxable incomeEstimated taxLess tax creditsPlus other taxesEquals total tax liabilityLess estimated withholding and paymentsEquals tax due (or refund)$11,700 Cake decorating class$0 Movies with friends$40Estimated Income TaxGross income (wages, salary, investment income, and other ordinary income)Less adjustments to income (see current tax regulations)Equals adjusted gross incomeLess standard deduction (use 2021 amounts) or Itemized deductions (whichevertotal is larger)$3,000Casualty and theft lossesMoving, job-related, and miscellaneous expenses (exceeding 2% of AGI)Total itemized deductions$$$$$$$$$$$$$$$$$36,00036,0006,30000000006,3004,05025,6500000$320$180$175$155$0$190$35$20$40

Question

Not too sure what values go in the blanks here nor how to calculate. help wanted Rate on TaxableIncome10%2242571222243235N بیا بیا بیا37Single TaxpayersUp 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 FilingJointlyUp 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 HouseholdUp 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 thetime of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from thebakery, which brought her gross monthly earnings to $3,000, and also opened up an IRA, to which she contributed $400 last year. Hersavings accounts earn 2% interest per year, and she also had received an unexpected $1,950 gift from her great aunt. Jamie was alsolucky enough last year to win a raffle prize of $2,900, most of which was deposited into her regular savings account after paying offher 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 &#34;O&#34; for any unused categories. Use 2021 tax rates.Current Financial SituationAssets:Checking accountSavings account(Interest earned last year)Emergency fund savings account(Interest earned last year)IRA balance(Contribution made last year)CarLiabilities:Student loanCredit card balance(Interest paid last year)Income:Gross monthly salaryItemized deductions (whichever total is larger)Medical expenses (exceeding 10% of AGI)State/local income and property taxesMortgage, home equity loan interestContributionsMonthly 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 deductionsLess personal exemptionsEquals taxable incomeEstimated taxLess tax creditsPlus other taxesEquals total tax liabilityLess estimated withholding and paymentsEquals tax due (or refund)$11,700 Cake decorating class$0 Movies with friends$40Estimated Income TaxGross income (wages, salary, investment income, and other ordinary income)Less adjustments to income (see current tax regulations)Equals adjusted gross incomeLess standard deduction (use 2021 amounts) or Itemized deductions (whichevertotal is larger)$3,000Casualty and theft lossesMoving, job-related, and miscellaneous expenses (exceeding 2% of AGI)Total itemized deductions$$$$$$$$$$$$$$$$$36,00036,0006,30000000006,3004,05025,6500000$320$180$175$155$0$190$35$20$40

Accepted Answer

Tax liability refers to an amount on which tax is paid to the local or state government by an…