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Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2020 and uses the standard
Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2020 and uses the standard deduction.
Calculate the amount, if any, of Jason's earned income credit.
$???
EXHIBIT 13.2 Earned Income Credit and Phaseout Percentages Earned Income Base Amount Credit Percentage Maximum Credit Phaseout Base Phaseout Percentage Phaseout Ends at Income of $ 7,030 10,540 14,800 14,800 7.65 34.00 40.00 45.00 $ 538 3,584 5,920 6,660 $14,680 25,220 25,220 25,220 7.65 15.98 21.06 21.06 $21,710 47,646 53,330 56,848 Tax Number of Year Qualifying Children 2020 Married, Filing Jointly No children One child Two children Three or more children Other Taxpayers No children One child Two children Three or more children 2019 Married, Filing Jointly No children One child Two children Three or more children Other Taxpayers No children One child Two children Three or more children $ 7,030 10,540 14,800 14,800 7.65 34.00 40.00 45.00 $ 538 3,584 5,920 6,660 $ 8,790 19,330 19,330 19,330 7.65 15.98 21.06 21.06 $15,820 41,756 47,440 50,954 $ 6,920 10,370 14,570 14,570 7.65 34.00 40.00 45.00 $ 529 3,526 5,828 6,557 $14,450 24,820 24,820 24,820 7.65 15.98 21.06 21.06 $21,370 46,884 52,493 55,952 $ 529 $ 6,920 10,370 14,570 14,570 7.65 34.00 40.00 45.00 3,526 5,828 6,557 $ 8,650 19,030 19,030 19,030 7.65 15.98 21.06 21.06 $15,570 41,094 46,703 50,162Step by Step Solution
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