Question
In 2021, Zach is single with no dependents. He is not claimed as a dependent on anothers return. All of his income is from salary
In 2021, 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 8-11. (Round your intermediate 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 $6,200.
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d. Zach is 17 years old and his AGI is $6,200.
Earned Income Credit:
EXHIBIT 8-11 2021 Earned Income Credit Table
Qualifying Children | (1) Maximum Earned Income Eligible for Credit | (2) Credit % | (3) Maximum Credit (1) (2) | (4) Credit Phase-Out for AGI (or earned income if greater) Over This Amount | (5) Phase-Out Percentage | No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] |
---|---|---|---|---|---|---|
Married taxpayers filing joint returns | ||||||
0 | $ 9,820 | 15.3% | $1,502 | $14,820 | 15.3% | $24,637 |
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 | ||||||
0 | $ 9,820 | 15.3% | $ 1,502 | $ 11,610 | 15.3% | $21,427 |
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 |
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