19Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible totake the credit. Use Table 9-3.Required:Calculate the credit using the formulas.Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.11a. A single person with earned income of $5,180 and no qualifying children.b. A single person with earned income of $24,200 and two qualifying children.c. A married couple filing jointly with earned income of $36,060 and one qualifying child.AQW2éF2ZSX2command31180F3EDC4I888F4RF5(VFSTG6to con§B**YH7è84F7UNEarned IncomeCredit8!JDIIFBI?I9ÇKDD00.0àLAF10commandP)M9F11Aoption%ប त्रSDIL Grades-ACC XTABLE 9-3* Earned Income Credit Tax Year 2022EIC percentageFor earned income up toMaximum EICPhaseout percentageescC ezt.prod.mheducation.com/Media/Connect Production/bne/cruz16e/Table9_3.htm#1DEL W13: Discuss x&For joint filers:Phaseout starts at earned income ofPhascout ends at earned income ofFor all other filers:Phaseout starts at earned income of$9,160Phaseout ends at earned income of$ 16,480The dollar amounts in the table are subject to annual adjustments for inflation.AQWF122.éNSM Question 1- xF2311ED80F3None7.65%$7,320$ 5607.65%I$ 15,290$22,610888F4Rezt.prod.me X M Question 4-LLFNumber of Eligible ChildrenOne34.0%$ 10,980$3,73315.98%5($26,260$49,622$ 20,130$43,492FSTG6§Two40.0%$15,410$6,16421.06%$26,260$ 55,529$ 20,130$ 49,399F6YH7D'Lè80F7XThree or More45.0%$15,410$6,93521.06%$26,260$59,187$ 20,130$ 53,057U8ezt prod m!DIIFBI9ÇC

Earned income credit -Earned income credit refers to the amount which reduces the overall taxes to…

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. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. A single person with earned income of $5,180 and no qualifying children. b. A single person with earned income of $24,200 and two qualifying children. c. A married couple filing jointly with earned income of $36,060 and one qualifying child. Earned Income Credit

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. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. A single person with earned income of $5,180 and no qualifying children. b. A single person with earned income of $24,200 and two qualifying children. c. A married couple filing jointly with earned income of $36,060 and one qualifying child. Earned Income Credit

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 27P

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