EXHIBIT 8-11 2021 Earned Income Credit Table(4)No Credit When AGI(or earned income ifgreater) Equals orExceeds This Amount(1)(3)Maximum AGI (or earned incomeCredit Phase-Out forMaximum Earned(5)QualifyingIncome Eligible(2)Creditif greater) Over ThisPhase-OutChildrenfor CreditCredit %(1) x (2)AmountPercentage(4) + [(3)/(5)]Married taxpayers filing joint returns$ 9,82015.3%$1,502$14,82015.3%$24,637110,640343,61825,47015.9848,108214,950405,98025,47021.0653,8653+14,950456,72825,47021.0657,414All taxpayers except married taxpayers filing joint returns$ 9,82015.3%$ 1,502$ 11,61015.3%$21,427110,640343,61819,52015.9842,158214,950405,98019,52021.0647,9153+14,950456,72819,52021.0651,464Source: Internal Revemue Code. "Rev. Proc. 2020-45." www.irs.gov. Required information[The following information applies to the questions displayed below.]In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his incomeis from salary and he does not have any for AGI deductions.What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round yourintermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero ifapplicable.)c. Zach is 29 years old and his AGI is $19,000.Earned income credit

Solution Tax Deduction refer to the claim made to reduce your taxable income ,arising from various…

! Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. Zach is 29 years old and his AGI is $19,000. Earned income credit

! Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. Zach is 29 years old and his AGI is $19,000. Earned income credit

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 57P

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Which of the following is not a deduction for AGI? a. Alimony paid for a divorce finalized in 2018. b. Business rent on a self-employed business. c. Property taxes paid on your primary residence. d. One half of self-employment tax.
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