enment 7- Chapter 8 Seved 20 1 of 5 Required information [The following information applies to the questions displayed below) In 2021, Amanda and Jaxon Stuart have a daughter who is tyear old. The Stuarts are full-time students and they are both 25 years old. Their only sources of Income are gains from stock they held for three years before selling and wages from part-time jobs What is their earned Income credit in the following alternative scenarios If they file Jointly? Use Exhibit 8-11 (Leave no answer blank, Enter zero if applicable) 000 a. Thelt AGI is $18,800, consisting of $13,900 of capital gains and $4,900 of wages, Emmed income credit bis Required information [The following information applies to the questions displayed below.) In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8.11. (Leave no answer blank. Enter zero If applicable.) be b. Their AGI is $18,800, consisting of $10,100 of lottery winnings (unearned Income) and $8,700 of wages. Eamed income credit 22 Part 3 of 5 Required information [The following information applies to the questions displayed below.) In 2021. Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and weges from part-time jobs What is their earned Income credit In the following alternative scenarios if they file jointly? Use Exhibit 8-11. (Leave no answer blank. Enter zero If applicable.) 3 points cBook c. Their AGI is $28150, consisting of $23,100 of wages and $5,050 of lottery winnings (unearned Income). (Round your Intermediate calculations to the nearest whole dollar amount.) Earned income credit Required information (The following information applies to the questions displayed below) In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs What is their earned Income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-11. (Leave no answer blank. Enter zero If applicable.) d. Their AGI is $28,150, consisting of $5,050 of wages and $23,100 of lottery winnings (unearned Income). (Round your intermediate calculations to the nearest whole dollar amount.) Eamed income credit ! Required information [The following information applies to the questions displayed below) In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs What is their earned income credit in the following alternative scenarios if they file Jointly? Use Exhibit 8-11. (Leave no answer blank. Enter zero if applicable.) e. Their AGI is $10,100, consisting of $10,100 of lottery winnings (unearned Income). Eamed Income credit No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)) EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Credit Phase-Out for Maximum Earned Maximum | AGI (or earned income (5) Qualifying Income Eligible Credit if greater) Over This Phase-Out Children for Credit Credit % (1) x (2) Amount Percentage Married taxpayers filing joint returns 0 $ 9,820 15.3% $1,502 $14,820 15.3% 1 10,640 34 3,618 25,470 15.98 2 14.950 40 5,980 25,470 21.06 3+ 14.950 45 6,728 25.470 21.06 All taxpayers except married taxpayers filing joint returns 0 $ 9,820 15.3% $ 1,502 $ 11,610 15.3% 1 10.640 34 3,618 19.520 15.98 2 14.950 40 5,980 19,520 21.06 3+ 14.950 45 6,728 19,520 21.06 $24,637 48,108 53,865 57,414 $21.427 42,158 47.915 51,464 Source: Internal Revenue Code. "Rev. Proc. 2020-45. www.irs gov
