Determine 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.a. A single person with earned income of $5,310 and no qualifying children.b. A single person with earned income of $23,700 and two qualifying children.A married couple filing jointly with earned income of $35,510 and one qualifying child.Earned IncomeCredit< Prev8 of 8Next TABLE 9-3* Earned Income Credit Tax Year 2021EIC percentageFor earned income up toMaximum EICPhaseout percentageFor joint filers:Phaseout starts at earned income ofPhaseout ends at earned income ofFor all other filers:None7.65%$7,320$ 5607.65%$ 15,290$ 22,610Number of Eligible ChildrenOne34.0%$ 10,980$3,73315.98%$26,260$ 49,622$9,160Phaseout starts at earned income ofPhaseout ends at earned income of$ 16,480*The dollar amounts in the table are subject to annual adjustments for inflation.$ 20,130$ 43,492Two40.0%$ 15,410$ 6,16421.06%$ 26,260$ 55,529$ 20,130$ 49,399Three or More45.0%$ 15,410$6,93521.06%$ 26,260$ 59,187$ 20,130$ 53,057

Earned income credit refers to the amount which reduced the overall taxes to be paid by an…

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 $5,310 and no qualifying children. b. A single person with earned income of $23,700 and two qualifying children. c. A married couple filing jointly with earned income of $35,510 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 $5,310 and no qualifying children. b. A single person with earned income of $23,700 and two qualifying children. c. A married couple filing jointly with earned income of $35,510 and one qualifying child. Earned Income Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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