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.) a. Their AGI is $15,800, consisting of $5,400 of capital gains and $10,400 of wages. Eamed 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 $15.800. consisting of $10,000 of lottery winnings (unearned Income) and $5,800 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.) 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 (unearned income) Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table 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) Maximum Credit Phase-Out for AGI (5) (2) Credit (or earned income if Phase Out Credits (1) X (2) greater) Over This Amount Percentage Married taxpayers filing joint returns 7.65% $ 538 $14,680 7.65% 34 3,584 25, 220 15.98 40 5.920 25,220 21.06 45 6.660 25,220 21.06 All taxpayers except married taxpayers filing joint returns 7.65% $ 538 $ 8.790 7.65% 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 3+ 0 $ 7,030 10.540 1 2 14.800 $15,820 41,756 47.440 50.954 3- 14.800 Source: Internal Revenue Code. "Rev. Proc. 2018-57." www.irs.gov