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It isn't 334 either ! Required information [The following information applies to the questions displayed below.] In 2020, Zach is single with no dependents. He
It isn't 334 either
! Required information [The following information applies to the questions displayed below.] In 2020, Zach is single 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 8-10. (Round your intermediate calculations to whole dollar amount. Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) b. Zach is 29 years old and his AGI is $10,000. Earned income credit $ 304: EXHIBIT 8-10 2020 Earned Income Credit Table (1) Maximum Earned Income Eligible for Credit (4) (3) Credit Phase-Out for Maximum AGI (or earned income Credit if greater) Over This (1) X (2) Amount No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] Qualifying Children (5) Phase-Out Percentage (2) Credit % Married taxpayers filing joint returns $ 538 $14,680 0 $ 7,030 7.65% 7.65% $21,710 1 10,540 34 3,584 25,220 15.98 47,646 2 14,800 40 5,920 25,220 21.06 53,330 3+ 14,800 45 6,660 25,220 21.06 56,844 All taxpayers except married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $ 8,790 7.65% $15,820 1 10,540 34 3,584 19,330 15.98 41,756 2 14,800 40 5,920 19,330 21.06 47,440 3+ 14,800 45 6,660 19,330 21.06 50,954 Source: Internal Revenue Code. "Rev. Proc. 2018-57." www.irs.govStep by Step Solution
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