3) The Earned Income Credit is an alternative policy to minimum wage. The EIC targets households based on their income level and the number of children. Use the EIC graph and federal income tax table from class to calculate the amount of tax a family with the following characteristics. Characteristics Single Income Standard Deduction Number of Kids Amount $20,000 $13,800 3 a) Using the data above and the EIC handout, determine the amount of the tax credit for the household. b) Using the data above, the EIC amount, and the federal tax table from class. Determine the tax paid for the household. c) Compare and contrast the EIC and the minimum wage? How are the policies different? How are they similar? Explain fully.