Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2021, Zach is singie with no dependents. He is not claimed as a dependent on another's return. All of his income is from

                                                                                              

                                                                                                           



In 2021, Zach is singie with no dependents. He is not claimed as a dependent on another's 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 8-11. (Round your Intermedlate and final answers to the nearest whole dollar amount. Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero If applicable.) a. Zach is 29 years old and his AGI is $5,100. b. Zach is 29 years old and his AGI is $9,500. EXHIBIT 8-1l 2021 Earned Income Credit Table No Credit When AGI (4) Credit Phase-Out for (1) Maximum Earned Income Eligible for Credit (3) Maximum AGI (or earned income Credit (or earned income if greater) Equals or Exceeds This Amount (5) Phase-Out Qualifying Children (2) Credit % if greater) Over This Amount (1) (2) Percentage (4) + [(3)/(5)] Married taxpayers filing joint returns $ 9,820 15.3% $1,502 $14,820 15.3% S24,637 1 10,640 34 3,618 25,470 15.98 48,108 2 14,950 40 5,980 25,470 21.06 53,865 3+ 14,950 45 6,728 25,470 21.06 57,414 All taxpayers except married taxpayers filing joint returns $9,820 15.3% $ 1,502 $ 11,610 15.3% S21,427 1 10,640 34 3,618 19,520 15.98 42,158 2 14,950 40 5,980 19,520 21.06 47,915 3+ 14,950 45 6,728 19,520 21.06 51,464

Step by Step Solution

3.44 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

Case I EITC 5500153 8415 841 nearest whole dollar Case II EITC 970015... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Federal Taxation 2018

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

9th Edition

1260007642, 978-1260150292, 1260150291, 978-1260007640

More Books

Students also viewed these Accounting questions

Question

2. How do we perceive middle-frequency sounds (100 to 4000 Hz)?

Answered: 1 week ago