Jim is unmarried with no qualifying children. He has $8,800 of 2020 wages and is otherwise eligible for the earned income credit. Jim has $800 of interest income and no for AGI deductions. (Click the icon to view the 2020 Earned Income Credit Table.) Read the requirements. Requirement a. What is Jim's tentative earned income credit before phaseout? Jim's tentative earned income credit before phaseout amounts to Requirement b. What is Jim's allowable earned income credit? (Round any interim currency calculations and your final answer to the nearest whole dollar.) Jim's allowable earned income credit amounts to Requirement c. If Jim has no income tax liability (before the earned income credit is subtracted), is he entitled to a refund for the current year? entitled to a refund for the current year. Requirement d. Would your answer to Part b change if Jim had dividend and interest income of $4,800 during the taxable year? O A. Yes. Jim's allowable earned income credits amounts to $120. B. Yes. Jim would not be entitled to the earned income credit because his investment income exceeds $3,650. C. Yes. Jim would not be entitled to the earned income credit because his investment income exceeds $3,700. O D. Yes. Jim's allowable earned income credits amounts to $170. 2020 Earned Income Credit Table Number of Qualifying Children Credit Rate Credit Base (Maximum Earned Income) Maxium Credit Amount Phase-out Rate* 0 children 7.65% 1 child $7,030 $10,540 $14,800 $14,800 34% Phase-out Threshold for Married Filing Joint (Not Married Filing Joint) $14,680 ($8,790) $25,220 ($19,330) $25,220 ($19,330) $25,220 ($19,330) $538 $3,584 $5,920 $6,660 7.65% 15.98% 21.06% 21.06% 40% 2 children 3 or more children 45% *Applied to the excess of Earned Income (or AGI if larger) over the threshold amount