Calculate the total child and other dependent credit for the following taxpayers. Please show your work. 1. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8-year-old son: 2. Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool children: 3. James and Apple have AGI of $417,100, file jointly, and claim three dependent children (ages 7, 10, and 19): 2. LO 7.2 How does the earned income credit produce a "negative income tax? 3. LO 7.2 List the 7 rules that all taxpayers must meet in order to claim the EIC. 4. LO 7.2 List the rules that apply to taxpayers without a qualifying child in order to claim the EIC. 5. LO 7.2 List the rules that apply to taxpayers with a qualifying child in order to claim the EIC. 6. LO 7.2 Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2019, Diane's wages are $18,900 and she receives dividend income of $900. Calculate Diane's earned Income credit using the EIC table in Appendix B. 7. LO 7.2 Margaret and David Simmons are married and file a joint income tax return. They have two dependent children, Margo, 5 years old (Social Security number 316- 31-4890), and Daniel, who was born during the year (Social Security number 316-31-7894). Margaret's wages are $3,000, and David has wages of $14,000. In addition, they receive interest income of $200 during the year. Margaret and David do not have any other items of income and do not have any deductions for adiusted cross income. Assumine the Simmons file Form 1040 for 2019. 3. LO 7.2 List the 7 rules that all taxpayers must meet in order to claim the EIC. 4. LO 7.2 List the rules that apply to taxpayers without a qualifying child in order to claim the EIC. 5. LO 7.2 List the rules that apply to taxpayers with a qualifying child in order to claim the EIC. 6. LO 7.2 Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2019, Diane's wages are $18,900 and she receives dividend income of $900. Calculate Diane's earned income credit using the EIC table in Appendix B. 7. LO 7.2 Margaret and David Simmons are married and file a joint income tax return. They have two dependent children, Margo, 5 years old (Social Security number 316- 31-4890), and Daniel, who was born during the year (Social Security number 316-31-7894). Margaret's wages are $3,000, and David has wages of $14,000. In addition, they receive interest income of $200 during the year. Margaret and David do not have any other items of income and do not have any deductions for adjusted gross income. Assuming the Simmons file Form 1040 for 2019, complete Schedule EIC and the Earned Income Credit Worksheet A. (The EIC table is in Appendix B.) Calculate the total child and other dependent credit for the following taxpayers. Please show your work. 1. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8-year-old son: 2. Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool children: 3. James and Apple have AGI of $417,100, file jointly, and claim three dependent children (ages 7, 10, and 19): 2. LO 7.2 How does the earned income credit produce a "negative income tax? 3. LO 7.2 List the 7 rules that all taxpayers must meet in order to claim the EIC. 4. LO 7.2 List the rules that apply to taxpayers without a qualifying child in order to claim the EIC. 5. LO 7.2 List the rules that apply to taxpayers with a qualifying child in order to claim the EIC. 6. LO 7.2 Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2019, Diane's wages are $18,900 and she receives dividend income of $900. Calculate Diane's earned Income credit using the EIC table in Appendix B. 7. LO 7.2 Margaret and David Simmons are married and file a joint income tax return. They have two dependent children, Margo, 5 years old (Social Security number 316- 31-4890), and Daniel, who was born during the year (Social Security number 316-31-7894). Margaret's wages are $3,000, and David has wages of $14,000. In addition, they receive interest income of $200 during the year. Margaret and David do not have any other items of income and do not have any deductions for adiusted cross income. Assumine the Simmons file Form 1040 for 2019. 3. LO 7.2 List the 7 rules that all taxpayers must meet in order to claim the EIC. 4. LO 7.2 List the rules that apply to taxpayers without a qualifying child in order to claim the EIC. 5. LO 7.2 List the rules that apply to taxpayers with a qualifying child in order to claim the EIC. 6. LO 7.2 Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2019, Diane's wages are $18,900 and she receives dividend income of $900. Calculate Diane's earned income credit using the EIC table in Appendix B. 7. LO 7.2 Margaret and David Simmons are married and file a joint income tax return. They have two dependent children, Margo, 5 years old (Social Security number 316- 31-4890), and Daniel, who was born during the year (Social Security number 316-31-7894). Margaret's wages are $3,000, and David has wages of $14,000. In addition, they receive interest income of $200 during the year. Margaret and David do not have any other items of income and do not have any deductions for adjusted gross income. Assuming the Simmons file Form 1040 for 2019, complete Schedule EIC and the Earned Income Credit Worksheet A. (The EIC table is in Appendix B.)