Question
Please use the tables below to help you calculate tax liability (or refund) in each of the following independent scenarios. Please assume that a taxpayer
Please use the tables below to help you calculate tax liability (or refund) in each of the following independent scenarios. Please assume that a taxpayer who is eligible for the Earned Income Tax Credit will be able to take the maximum credit amount. Also, please use only the two credits below in your calculation.
1) Erica's filing status is head of household. She has one child who is her dependent. She contributed $900 to a 401(k) during the year. Her AGI is $30,000. Her tax liability, before considering any potential tax credits, is $2,300.
(b) Jane and Dan, both age 60, are married and file a joint return. They have two children. Jane contributed $9,000 to a 401(k) during the year. Dan contributed $500 to a traditional IRA. Their AGI is $50,000. Their tax liability, before considering any potential tax credits, is $500
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