! Required information [The following information applies to the questions displayed below.) In 2020. Amanda and Jaxon Stuart have a daughter who is tyear old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages. Earned income credit Required information [The following information applies to the questions displayed below.) In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) b. Their AGI is $15,000, consisting of $10,000 of lottery winnings (unearned income) and $5,000 of wages. Earned income credit O Required information (The following information applies to the questions displayed below.) In 2020. Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) c. Their AGI is $28,000, consisting of $23,000 of wages and $5,000 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit Required information [The following information applies to the questions displayed below.) In 2020. Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) d. Their AGI is $28.000, consisting of $5,000 of wages and $23,000 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit Required information [The following information applies to the questions displayed below.) In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) e. Their AGI is $10,000, consisting of $10,000 of lottery winnings (uneared income). Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table (1) Maximum Earned Income Eligible for Credit Qualifying Children No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + (3) (5) 0 1 $ 7,030 10.540 14,800 14.800 2 3+ (3) Maximum Credit Phase-Out for AGI (5) (2) Credit (or earned income ir Phase Out Credit % (1) X (2) greater) Over This Amount Percentage Married taxpayers filing joint returns 7.65% S 538 $14,680 7.65% 34 3,584 25,220 13.98 40 5.920 25.220 21.06 45 6,660 25,220 21.06 All taxpayers except married taxpayers filing Jolot returns 7.659 $ 538 S8,790 7.6596 34 3,584 19,330 15.98 40 5,920 19,330 21.06 45 6,660 19,330 21.06 $21.710 47.646 53,330 56,844 0 1 $ 7,030 10.540 14,800 14,800 2 3+ $15,820 41.756 47.440 50,954 Source: Duternal Revenue Code. "Rew Proc. 2018-57"www.gon
