Question: Joyce, a widow lives in an apartment with her two minor children (ages 8 and 10) whom she supports. Joyce earns $33,000 during 2014. She

Joyce, a widow lives in an apartment with her two minor children (ages 8 and 10) whom she supports. Joyce earns $33,000 during 2014. She uses the standard deduction.

a. Calculate the amount, if any, of Joyce's earned income credit.

b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $39,000; however, she is afraid she will not qualify for as much of the earned income credit. Using after-tax cash-flow calculations, determine whether Joyce should accept the new job offer.

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a Maximum credit available for 2014 for two children 13650 40 5460 Less Credit phaseout Earned incom... View full answer

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