Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Required information The following information applies to the questions displayed below.) In 2021, Zach is single with no dependents. He is not

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Check my work Required information The following information applies to the questions displayed below.) In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. Zach is 29 years old and his AGI is $5,200, Eamed income credit Dinyt Check my work ! Required information The following information applies to the questions displayed below.) In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions, What is his earned income credit in the following alternative scenarios? Use Exhibit 8-11 (Round your intermediate and final answers to the nearest whole dollar amount. Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) b. Zach is 29 years old and his AGI is $9,550. Earned income credit Required information The following information applies to the questions displayed below) In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in the following alternative scenarios? Use Exhibit 8-11 (Round your intermediate and final answers to the nearest whole dollar amount. Round your final answer to the nearest whole dollar amount Leave no answer blank. Enter zero if applicable.) c. Zach is 29 years old and his AGI is $17,600 Eamed income credit 13 Save Exit Submit Check my work Required information The following information applies to the questions displayed below.) In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Round your final answer to the nearest whole dollar amount Leave no answer blank. Enter zero if applicable.) d. Zach is 17 years old and his Agi is $5,200, Earned Income credit EXHIBIT 8-11 2021 Earned Income Credit Table (1) Maximum (3) (4) No Credit When AGI(or earned Earned Income Maximum Credit Phase-Out for AGI (5) income if greater) Equals or Qualifying Eligible for (2) Credit (or earned income if Phase-Out Exceeds This Amount (4) + Children Credit Credit (1) x (2) greater) Over This Amount Percentage [(31(5)1 Married taxpayers filing joint returns 0 $ 9,820 15.3% $1,502 $14,820 15.3% $24.637 1 10.640 34 3,618 25,470 15.98 48,108 2 14.950 40 5.980 25 470 21.06 53.865 3+ 14,950 45 6.728 25,470 21.06 57 414 All taxpayers except married taxpayers filing joint returns 0 $ 9,820 15.3% $ 1,502 $ 11,610 15.3% $21.427 1 10.640 34 3,618 19,520 15.98 42.158 2 14.950 40 5,980 19.520 21.06 47.915 3+ 14,950 45 6,728 19,520 21.06 51,464 Source: Internal Revenue Code. "Rev. Proc. 2020-45. www.irs.gov

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles

Authors: Howard F. Stettler

3rd Edition

0130521183, 9780130521187

More Books

Students also viewed these Accounting questions

Question

socialist egalitarianism which resulted in wage levelling;

Answered: 1 week ago

Question

soyuznye (all-Union, controlling enterprises directly from Moscow);

Answered: 1 week ago