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In 2017, Zach is single with no dependents. He is not claimed as a dependent on anothers return. All of his income is from salary
In 2017, Zach is single with no dependents. He is not claimed as a dependent on anothers return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in the following alternative scenarios? Use Exhibit 8-10
a. Zach is 29 years old and his AGI is $10,000
EXHIBIT 8-10 2017 Earned Income Credit Table No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount Credit Phase- Out for AGI (or earned Maximum Earned Maximumncome if greater) QualifyingIncome Eligible Credit Over This Phase-Out Credit % | Married taxpayers filing joint returns 7.65% Children for Credit (1) (2) Amount Percentage(4)+ [(3)/(5)] 0 6,670 510 $13,930 7.65% $20,600 23,930 23,930 23,930 10,000 34 3,400 15.98 45,207 14.040 40 5,616 21.06 50,597 14.040 45 6,318 21.06 53,930 All taxpayers except married taxpayers filing joint returns 0 6,670 7.65% 510 S 8,340 7.65% $15,010 10,000 34 3,400 18,340 15.98 39,617 14,040 40 5,616 18,340 21.06 45.007 14.040 45 6,318 18,340 21.06 48,340Step by Step Solution
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