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30 pts Question 1 Jessie, age 53, is a single taxpayer. She earns a salary of...

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30 pts Question 1 Jessie, age 53, is a single taxpayer. She earns a salary of $90,000. Her employer puts $5,000 into a qualif
30 pts Question 1 Jessie, age 53, is a single taxpayer. She earns a salary of $90,000. Her employer puts $5,000 into a qualified pension plan on her behalf and Jessie puts $7,000 in her pension plan. Her employer provides all employees with group-term life insurance equal to their salary ($90,000). Jessie put $2,000 in her flexible benefits plan. Her allowable deductions for AGI total $4,200 and she has $10,100 of allowable itemized deductions. In addition, Jessie received interest income of $1,700 from Payne County municipal bonds. Jessie won $2,200 of cash and prizes when she went on the TV show Wheel of Fortune. Jessie had the following capital gains and losses: LTCG $10,000, LTCL $4,000, and a STCL $4,000. Determine Jessie's taxable income according to the tax return formula and then calculate income tax liability. Please show all calculations, including your capital gain/loss calculation, (list each item separately rather than grouping items together). You must write all lines of the tax return formula and label each number to receive credit. (30 points)

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Answer: 1 Summarized the data provided in the questions Jessie, age 53 is a single taxpayer Jessie Total Income and Tax liabi9 LTCG (14605.50 +16758.24) (69236 x945)) Capital Gain a Tax liability $10,000 E) set off LTCL & STCL $4,000 $4,000 Total $ 2PLEASE - - - - PLEASE KINDLY UP-VOTE. IT HELPS ME A LOT. THANK YOU IN ADVANCE.

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