Determine the amount of the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 $5,320 and no qualifying children.
b. A single person with earned income of $24,000 and two qualifying children.
c. A married couple filing jointly with earned income of $35,840 and one qualifying child.
Earned Income
Credit
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