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Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the
Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. (For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Answer is not complete. Earned Income Credit $ 405 a. b. A single person with earned income of $5,290 and no qualifying children. A single person with earned income of $23,500 and two qualifying children. A married couple filing jointly with earned income of $35,290 and one qualifying child. C. TABLE 9-3* Earned Income Credit Tax Year 2019 Number of Eligible Children None One Two Three or More EIC percentage 7.65% 34.0% 40.0% 45.0% For earned income up to $6,920 $10,370 $14,570 $14,570 Maximum EIC $529 $3,526 $5,828 $6,557 Phaseout percentage 7.65% 15.98% 21.06% 21.06% For joint filers: Phaseout starts at earned income of $14,450 $24,820 $24,820 $24,820 Phaseout ends at earned income of $21,370 $46,884 $52,493 $55,952 For all other filers: Phaseout starts at earned income of $8,650 $19,030 $19,030 $19,030 $50,162 Phaseout ends at earned income of $15,570 $41,094 $46,703 * The dollar amounts in the table are subject to annual adjustments for inflation
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