Carolyn has an AGI of $38,100 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-10) Multiple Choice $3.953 (1) Maximum Earned Income Qualifying Eligible for (2) (3) Maximum Credit (4) Credit Phase-Out for AGI (or earned income if (5) Phase-Out Children Credit Credit % No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4)+ (1) x (2) greater) Over This Amount Percentage [(3)/(5)] Married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 1 10,540 34 3,584 2 14,800 40 5,920 3+ 14,800 45 6,660 $14,680 25.220 25,220 25,220 7.65% $21,710 15.98 47,646 21.06 53,330 21.06 56,844 All taxpayers except married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $8,790 7.65% $15,820 1 10.540 34 3,584 19.330 15.98 41,756 2 14,800 40 5,920 19,330 21.06 47,440 3+ 14,800 45 6,660 19,330 21.06 50,954 Source: Internal Revenue Code "Rev. Proc. 2018-57"www.irs.gov