FEDERAL INCOME TAXATION OF INDIVIDUALS HANDOUT PROBLEM 12 Score Name Section Problem (10 points). Attached are several taxpayer situations relating to the eamed income credit for tax year 2020. REQUIRED: (1) (2) Discuss the requirements that must be met by the taxpayer to qualify for the eamed income credit (EIC). For each of the situations given below, calculate the total allowable 2020 EIC the taxpayer should receive. Use the EIC table attached. Show appropriate calculations. VARIOUS TAXPAYER SITUATIONS INVOLVING THE EARNED INCOME CREDIT (EIC) FOR TAX YEAR 2020 (a) Tina is single and eams 56,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. (b) Lyle is single with 1 dependent child. During the year, he earns $8,000 as a waiter, receives alimony of $10,000 from a 2018 divorce decree, and child support of $5,000 under that same decree. ) Zelda is a single parent with 2 dependent children. She eams $19,000 from her job as a mechanic. She also receives $3,000 in child support from her former spouse. (d) Elliot and Pam are married and have 3 dependent children. Elliot and Pam eam $12,000 and 9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. EITC TABLES FOR 2020 (SOURCE: IRS.GOV WEBSITE) d the maximum AGI, investment income and credit amounts for tax year 2020. Maximum AGI Maximum AGI hildren or Relatives Claimed (filing as Single, Head of Household, or Widowed) (filing as Married Filing Jointl Zero $ 15,820 S 21,710 One S 41,756 $ 47,646 Two S 47,440 $ 53,330 Three $ 50,594 S 56,844 estment income limit: $3,650 or less aximum Credit Amounts: The maximum amount of credit you can claim No qualifying children: S 538 1 qualifying child: $3,584 2 qualifying children: $5,920 3 or more qualifying children: $6,660