Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Homework: MAL#6 Save 4 of 5 (1 complete) HW Score: 16.67%, 1 of 6... Score: 0 of 1 pt PI:14-57 (similar to) Question Help Cara
Homework: MAL#6 Save 4 of 5 (1 complete) HW Score: 16.67%, 1 of 6... Score: 0 of 1 pt PI:14-57 (similar to) Question Help Cara is unmarried and has one dependent child, age 6, who lived with her for the entire year. In 2020, she has income of $19,000 in wages and $2,500 of unearned income (none of which was "disqualified income"). Her AGI is $21,500. (Click the icon to view the 2020 Earned Income Credit Table.) Read the requirements. Requirement a. What is Cara's tentative earned income credit (before phaseout)? Cara's tentative earned income credit (before phaseout) amounts to Reference Pha Mai N 2020 Earned Income Credit Table Number of Credit Base Qualifying Credit (Maximum Earned Maxium Credit Phase-out Children Rate Income) Amount Rate* O children 7.65% $7,030 $538 7.65% 1 child 34% $10,540 $3,584 15.98% 2 children 40% $14,800 $5,920 21.06% 3 or more children 45% $14,800 $6,660 21.06% *Applied to the excess of Earned Income (or AGI if larger) over the threshold amount. Print Done Enter any number in the edit fields and then click Check Answer. ? 4 parts remaining Clear All Check
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