Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons is/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 is/are eligible to take the credit. Calculate the credit using the formulas. (For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Use Table 9-3. Earned Income Credit a. A single person with earned income of $5,170 and no qualifying children. b. A single person with earned income of $24,300 and two qualifying children. c. A married couple filing jointly with earned income of $36,170 and one qualifying child. Number of Eligible Children None One Two Three or More 7.65% 34.0% 40.0% 45.0% $6,780 $10,180 $14,290 $14,290 $519 $3.461 $5.716 $6,431 7.65% 15.98% 21.06% 21.06% EIC percentage For eamed Income up to Maximum EIC Phaseout percentage For joint filers: Phaseout starts at earned Income of Phaseout ends at earned Income of For all other filers: Phaseout starts at earned Income of Phaseout ends at earned Income of $14,170 $20,950 $24,350 $46,010 $24,350 $51,492 $24,350 $54,884 $8.490 $15,270 $18,660 $40,320 $18,660 $45.802 $18,660 $49.194 Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons is/are eligible to take the credit. Calculate the credit using the formulas. (For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Use Table 9-3. Earned Income Credit a. A single person with earned income of $5,170 and no qualifying children. b. A single person with earned income of $24,300 and two qualifying children. c. A married couple filing jointly with earned income of $36,170 and one qualifying child. Number of Eligible Children None One Two Three or More 7.65% 34.0% 40.0% 45.0% $6,780 $10,180 $14,290 $14,290 $519 $3.461 $5.716 $6,431 7.65% 15.98% 21.06% 21.06% EIC percentage For eamed Income up to Maximum EIC Phaseout percentage For joint filers: Phaseout starts at earned Income of Phaseout ends at earned Income of For all other filers: Phaseout starts at earned Income of Phaseout ends at earned Income of $14,170 $20,950 $24,350 $46,010 $24,350 $51,492 $24,350 $54,884 $8.490 $15,270 $18,660 $40,320 $18,660 $45.802 $18,660 $49.194
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started