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Please assist me with the earned income credit. I have included the updated chart for 2020. Thanks. Determine the amount of the Earned Income Credit
Please assist me with the earned income credit. I have included the updated chart for 2020. Thanks.
Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. (For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Earned Income Credit $ 538 a. A single person with earned income of $7,554 and no qualifying children. b. A single person with earned income of $27,500 and two qualifying children. C. A married couple filing jointly with earned income of $34,190 and one qualifying child. TABLE 9-3* Earned Income Credit Tax Year 2020 None 7.65% Number of Eligible Children One Two 34.0% 40.0% $ 10,540 $ 14,800 $ 3,584 $ 5,920 15.98% 21.06% $7,030 $ 538 7.65% Three or More 45.0% $ 14,800 $ 6,660 21.06% 3 EIC percentage For earned income up to Maximum EIC Phaseout percentage For joint filers: Phaseout starts at earned income of Phaseout ends at earned income of For all other filers: Phaseout starts at earned income of Phaseout ends at earned income of $ 14,680 $ 21,710 $ 25,220 $ 47,646 $ 25,220 $ 53,330 $ 25,220 $ 56,844 $8,790 $ 15,820 $ 19,330 $ 41,756 $ 19,330 $ 47,440 $ 19,330 $ 50,954Step by Step Solution
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